Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors (Sitting as the Board of Commissioners of the Housing Authority of the County of San Mateo)
From: Debbie McIntyre, Executive Director, Housing Authority
Subject: Use of Housing Authority Reserve Funds
RECOMMENDATION:
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Acting as the Governing Board of Commissioners for the Housing Authority of the County of San Mateo, adopt a resolution:
A) Amending Resolution No. 080585, dated August 27, 2024, to permit the utilization of any Housing Authority of the County of San Mateo ("HACSM") reserve funds, including Moving To Work ("MTW") reserve funds, in an amount not to exceed $14,000,000 for the construction and permanent financing of Phase 2 of the Midway Village Redevelopment Project ("Project"); and
B) Authorizing the Executive Director of HACSM and the Director of the Department of Housing or designee(s), acting in consultation with County Attorney, to execute any and all agreements, documents, certificates and amendments as may be necessary and advisable to provide the authorized funding to the Project to effectuate the purposes of Resolution No. 080585, as amended by this Resolution.
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BACKGROUND:
Moving To Work ("MTW") is a demonstration program that offers participating housing authorities the opportunity to design and test innovative, locally designed housing and self-sufficiency strategies for low-income households by allowing exceptions from certain housing regulations. The MTW program is funded through the U.S. Department of Housing and Urban Development ("HUD") with the goals of increasing administrative efficiencies, encouraging self-sufficiency, and increasing housing choice.
As an MTW agency, HACSM has created an affordable housing fund to assist in the development activities of affordable housing projects throughout San Mateo County; the affordable housing fund consists of reserves from the MTW program. Such reserves may b...
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