Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Ken Cole, Director, Department of Housing
Subject: Allocation of Measure K and California HCD No Place Like Home funds from the Affordable Housing Fund 7.0
RECOMMENDATION:
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Measure K: Adopt a resolution:
A) Approving Affordable Housing Fund 7.0 commitments up to $28,716,715, consisting of $25 million in newly allocated Measure K FY 2019-20 funds approved by the Board of Supervisors for affordable housing purposes, approximately $2 million in Measure K FY 2018-19 funds previously allocated in Affordable Housing Fund 6.0 but returned due to project cost savings, and, $1,740,281 in State of California Department of Housing and Community Development No Place Like Home funds, for 10 new construction affordable rental housing developments and 2 developments involving re-syndication and rehabilitation of existing affordable rental housing, including any conditions attached to such funding recommendations; and
B) Approving a forward commitment of Affordable Housing Funds up to $8,735,036 in Measure K funds for affordable housing purposes as set forth in the FY 2020-21 Recommended Budget received by the Board of Supervisors in June 2019 for 2 of the 10 new construction affordable rental housing developments; and
C) 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 five subsequent AHF competitive fun...
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