Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Ken Cole, Director, Department of Housing
Subject: Allocation of Measure K, County General Funds, and Mental Health Services Act - Housing Program Funds under Affordable Housing Fund 5.0
RECOMMENDATION:title
Measure K: Adopt a resolution:
A) Approving Affordable Housing Fund commitments totaling $23,809,505 for eight new-construction affordable rental housing developments and two developments involving re-syndication and rehabilitation of existing affordable rental housing, including any conditions attached to such funding recommendations; and
B) Authorizing the Director of the Department of Housing, or the Director's designee, to execute contracts, as approved by County Counsel, for funding the affordable housing projects indicated.
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BACKGROUND:
On April 8, 2013, the San Mateo County Board of Supervisors approved the allocation of approximately $13.4 million of unrestricted general funds for affordable housing purposes. These funds, which initiated the County's Affordable Housing Fund, or AHF, were derived from a one-time distribution of Housing Trust Funds held by former redevelopment agencies in San Mateo County. There have been three subsequent AHF competitive funding rounds, using a combination of County general funds, Measure K funds, and Housing Authority Moving to Work ("Moving to Work") Housing Assistance Program ("HAP") Reserves.
Most recently, AHF 4.0 was released in 2016 and made available $9.24 million in funding and awarded over $8.65 million for six new construction affordable rental housing developments and the rehabilitation of one existing affordable rental development. Sources for AHF 4.0 included Measure K funds, former Redevelopment funds, and Housing Authority HAP Reserves. The Board of Supervisors also approved an additional $10 million in Measure K funds for priority preservation opportunities, resulting i...
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