AgdaPkt 2003-06-02 - Laserfiche WebLink

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5.� Funds from the Endowment should be flexibly used as a housing trust fund to create a full range of housing options. Emphasis should be on permanent housing, which meets local needs. Funds should be used for bricks and mortar activities including land acquisition and new construction. Housing should also be developed to serve those with special needs. Governance: A Joint Powers Authority should be established as the mechanism for conducting the business of the Housing Endowment. The board of JPA should have a maximum of 21 members. Membership should reflect private sector representation from the following categories: labor, nonprofit developers, real estate, business, foundations, housing advocacy organizations, financial sector, faith community, school districts, the impacted population, and membership at large. Cities and the County should comprise public sector representation. The total number of Board members should be an odd number with the public sector having one more seat than the private sector. Decisions of the JPA Board should be reached by a vote requiring one more than 50% of the total number of designated positions for membership. The final JPA agreement should include provisions describing the responsibilities and benefits of membership. Funding: The initial funding goal for the Endowment should be $100 million over the first ten years. The specific tactics for accomplishing this goal should be decided by the initial governing body of the Endowment. The Housing Endowment should be a publiclprivate partnership and the mechanisms for funding the endowment should reflect this principle. As it relates to funding from the cities and the county, policies should be adopted which guarantee equitable public agency participation. In recognition that some public jurisdictions can and want to build housing (builders) and that other jurisdictions might be better poised to assist financially (bankers), mechanisms should allow for public agencies to participate differently, but equitably. One approach for the public sector would be the establishment of a fair share cost sharing formula. This would establish a per capita dollar amount (for example, $2 per person per year) which each government jurisdiction would be expected to contribute annually for long term sustainability. The source of such a public contribution would be up to the jurisdiction (new tax, growth on a tax, general fund, Revenue Sharing Agency set - aside, other). The Housing Endowment could establish a credit mechanism for those public agencies that make non -cash contributions. 2 iv