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Presentation and discussion of the draft Rental Incentive Bond Program, with consideration of a motion to forward the draft Rental Incentive Bond Program to City Council with a recommendation for approval. Motion to forward the draft Rental Incentive Bond Program to City Council with a recommendation for approval, allowing for technical and conforming changes to be made by staff as needed. |
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Ms. Sarah Darr, Housing Director, and Jennifer Mikelson, Housing Planning Manager, presented the Rental Incentive Bond Program.
Commissioners asked questions about the following:
- Developer eligibility
- If there would be a change in how developers request funding
- Affordable units in the community that would be transitioning to market rate
- The number of developers who have applied for funds
- Budget specifics and how much money has typically been allocated to the Incentive Policy for Affordable Housing per year
- If the Housing Commission played a role related to the funds allocated to the Incentive Policy for Affordable Housing.
- If the amount of funding available in the Incentive Policy for Affordable Housing could be posted online
- The development of the application and evaluation process for the Rental Incentive Bond Program
Ms. Sarah Darr and Ms. Jennifer Mikelson responded to their questions. Greg Clifton, City Manager, provided additional comment.
Commissioners provided the following feedback on the program:
- Eligibility criteria as it relates to percentage and number of affordable units provided
- Developer experience
- LIHTC Qualified Contract loopholes
- The inclusion of design and construction costs
- Zone and site plan approval requirements and scoring criteria
- Forward funding
- Suggestions for the application and evaluation process.
Ms. Jennifer Mikelson noted that the program should have included a minimum of 10% affordable units.
Commissioners asked if there could be a disincentive for developers looking to pay off their loan and end affordability requirements before the term expires. Ms. Sarah Darr said she would need to speak to the City’s attorney. Commissioners noted that they would not like this to cause a delay in forwarding the program to City Council. Chair Devonna McLaughlin requested that staff send the Commission an update before the program goes before City Council. |
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Ms. Sarah Darr, Housing Director, and Jennifer Mikelson, Housing Planning Manager, presented the Rental Incentive Bond Program.
Commissioners asked questions about the following:
- Developer eligibility
- If there would be a change in how developers request funding
- Affordable units in the community that would be transitioning to market rate
- The number of developers who have applied for funds
- Budget specifics and how much money has typically been allocated to the Incentive Policy for Affordable Housing per year
- If the Housing Commission played a role related to the funds allocated to the Incentive Policy for Affordable Housing.
- If the amount of funding available in the Incentive Policy for Affordable Housing could be posted online
- The development of the application and evaluation process for the Rental Incentive Bond Program
Ms. Sarah Darr and Ms. Jennifer Mikelson responded to their questions. Greg Clifton, City Manager, provided additional comment.
Commissioners provided the following feedback on the program:
- Eligibility criteria as it relates to percentage and number of affordable units provided
- Developer experience
- LIHTC Qualified Contract loopholes
- The inclusion of design and construction costs
- Zone and site plan approval requirements and scoring criteria
- Forward funding
- Suggestions for the application and evaluation process.
Ms. Jennifer Mikelson noted that the program should have included a minimum of 10% affordable units.
Commissioners asked if there could be a disincentive for developers looking to pay off their loan and end affordability requirements before the term expires. Ms. Sarah Darr said she would need to speak to the City’s attorney. Commissioners noted that they would not like this to cause a delay in forwarding the program to City Council. Chair Devonna McLaughlin requested that staff send the Commission an update before the program goes before City Council. |
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Moved by Moses Milazzo, seconded by Sandi Flores to move to forward the draft Rental Incentive Bond Program to City Council with a recommendation for approval, with the following listed changes, allowing for technical and conforming changes to be made by staff as needed:
- Eliminate the percentage of units that are affordable from the evaluation criteria and instead include the number of affordable units.
- Explore the feasibility and legality of charge or cost if the affordability period is less than 30 years.
- Require any Low Income Housing Tax Credit (LIHTC) developers to waive the Qualified Contract loophole.
- Add as a threshold that there is a minimum of 10% affordable units in the development.
- Remove the requirement of a site plan and zoning approval as a threshold from the eligibility criteria and instead include these items in the ranking criteria in the scoring matrix.
- Empower the ranking committee to have a conditionally funded waitlist.
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Vote: 10 - 0 - Unanimously |
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