AgdaPkt 2009-03-23 - Laserfiche WebLink

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i ,it I I I ~ " 'I ,\! ....,~......~ ..~ ~.>l I I..; l~.H'~:~ . -,' 7A : ;~P~ge 18 ,~1 ;.." availability of workforce housing can provide opportunities for public safety workers, school teachers, hospital workers, and workers in service industries, for example, to achieve homeownership. The availability of workforce housing is important for efforts to sustain the City's employment base and provide a diversity of housing choices. One option to further increase housing for this income group is the participation in limited Equity Housing Cooperatives (lEHCs) or Community land Trusts (elTs). lEHCs are nonprofit business corporations in which residents share ownership of a building. lEHCs offer ownership opportunities to low and moderate income households while limiting the return they receive from resale of the home. The corporation owns the property and issues a lease to its members, giving each the right to occupy a specific unit in the building. lEHCs can improve the quality of life for members by giving them control over their housing, and by creating a process for members to work with neighbors and institutions in improving the neighborhood. CLTs are simnar to lEHCs in that the equity is limited for homebuyers within the Trust. However, whereas members of LEHCs share ownership of common property, members in ClTs lease the land from the trust, which removes most of the cost of land from the homeownership equation. Objective: . Invite outside experts to present educational information to Housing staff, Planning Commission, and City Council on limited equity cooperatives models and community land trusts. As appropriate and if support exists, utilize these tools to facilitate affordable homeownership in Redwood City. Funding Sources: Ongoing Community Development Services Department. Planning and Housing Division; Redwood City Redevelopment Agency Redevelopment Set-Aside Funds; Departmental Budget Timeframe: Responsible Agency: Ren"love Constraints Program H~15: Densin,' Bonus OrdillaJu.e Redwood City encourages the development of affordable and senior housing throughout the City. The City has adopted, as part of the Zoning Ordinance, the State density bonus ordinance. Financial incentives or regulatory concessions may also be granted when a developer proposes to construct affordable housing.