2020-03-03 CC Agenda Packet - ITEM #C8 - PRESENTATION - EA-1154Waypointe Afforda:) e Housing
Original Affordable Housing Agreement
2 Low Income Units
2 Very Low Income Units
2 Extremely Low Income Units
Alterna, ; roposal 1
8 Moderaf w. Mme Units
Original Affordable Housing Agreement
2 Low Income Units
2 Very Low Income Units
2 Extremely Low Income Units
Alternative Proposal 2
$5.3 Million
Original Agreement Challenges
• Very Low and Extremely Low Income residents will not be able to
afford costs of living, and will be made worse off in time.
• All units are income -restricted for 20 years, so original owners do
not benefit from equity growth unless they hold unit for 20 years.
• City must administer the program for 20 years.
Alternative 3 Challenge
• No Net Loss law, as amended in 2017, requires City to find a place
for 2 Low Income, 2 Very Low Income, and 2 Extremely Low
Income units within the City to replace those lost at Waypointe
within 180 days.
but
• City will have $5.3 million to seed the affordable housing fund.
Affordable Housing Fund
• $5.3 Million to be earmarked for affordable housing fund
• RFQ for Affordable Housing Services Partner
• Select Affordable Housing Services Partner
• Develop City's first Affordable Housing Plan
• Collect funds from other projects and leverage accumulated funds
• Housing partner acquires, builds, rehabs and manages units for City
Benefits of In -Lieu Option
• More families helped in long run
• Significant progress made toward RHNA
• Shows City's resolve to address affordability
• Resolves litigation
• Allows completion of market -rate transactions
Questions for staff or consultants?