Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Ken Cole, Department of Housing
Subject: Allocation of Measure K, County General Funds, HOME Investment Partnership Funds, and CDBG Funds under Affordable Housing Fund 6.0
RECOMMENDATION:
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Measure K: Adopt a resolution:
A) Approving Affordable Housing Fund commitments totaling $19,879,719 for nine new-construction affordable rental housing developments, two new-construction multifamily homeownership housing developments, and one development 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 ("AHF"), were derived from a one-time distribution of Housing Trust Funds held by former redevelopment agencies in San Mateo County. There have been four subsequent AHF competitive funding rounds, using a combination of County general funds, Measure K funds, and San Mateo County Housing Authority Moving to Work ("Moving to Work") Housing Assistance Program ("HAP") Reserves. The Board of Supervisors also approved an additional $10 million in Measure K funds for priority preservation opportunities, resulting in the commitment of slightly more than $9 million to acquire and preserve two apartment complexes, one of which included households receiving County supportive services.
The fifth (and most recent) round of AHF competitive funding-AHF 5.0-was released in 2017, and made available $23,809,505 in f...
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