AgdaPkt 2009-03-23 - Laserfiche WebLink

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\; i r"\ :' I \' ; I {i' f 7A r;"pcf~e 11 , \ Redwood City will continue to monitor Section 8 legislation and Redwood City Commons, and make efforts to assist the property owner in maintaining the affordability of these units. Objectives: . Annually monitor the affordability status of Redwood City Commons. . Establish a list of qualified, community-based organizations, such as Mid-Peninsu~a Housing Coalition, to contact regarding possible ownership and management of the units at Redwood City Commons if they are in imminent risk of conversion. . Consider appropriating HOME funds, Redevelopment Tax Increment funds, and other local, state and federal dollars that could be used to reduce operating costs payments on these units as a short term solution. Consider using funds from any source available at the time, up to and including CDBG/HOME funds, Redevelopment Housing Funds, General Funds, loan guarantees, bond funds, or any other source of funds immediately available to the Oty. . Hold public hearings upon receipt of any Notice of Intent to Sell or Notice of Intent to Convert to Market Rate Housing, pursuant to Section 65863.10 ofthe Government Code. Timeframe: Ongoing; Establish list by 2011 when Section 8 contract expires Responsible Agency: Community Development Services Department- Code Enforcement Division; Redwood City Redevelopment Agency Funding Sources: Departmental Budget Assist in the Developlllent of Affordable Housing Action 8,5: ..4flordable HOlLliing Del'e!opment The development of new affordable housing generaUy requires subsidies from Federal, State, and local sources. The demand for affordable housing throughout the Bay Area is steadily increasing, as housing costs have accelerated beyond the capacity of many households. land write-downs and financial incentives can be significant contributions to meet this demand and create new affordable housing. Redwood City and the Redevelopment Agency have an active history of providing land write.downs to selected developers in the acquisition and disposition of housing sites and/or surplus properties for the construction or rehabilitation of affordable housing units. As opportunities become available, the City will continue to endeavor to acquire sites for affordable housing.