pages: CityCouncil/2017-03-07.pdf, 5
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CityCouncil | 2017-03-07 | 5 | Councilmember Oddie inquired when the City can apply for the competitive regional pool funds, to which the Community Development Director responded she expects within the next year or two. In response to Councilmember Oddie's inquiry whether funds could be backfilled, the Community Development Director stated the City would utilize competitive regional pool funds for a different project; the money would be used in a more pro-active way to fund other affordable housing. Councilmember Oddie stated the competitive regional pool funds are not guaranteed; 58% of the $10.4 million the Council is being asked to allocate is guaranteed. The Community Development Director stated staff has been successful in receiving competitive funding from the County Home Consortium pool, and expects that Alameda projects would be competitive with the regional pool. Councilmember Oddie stated the funding was going to be used across the County and would be leveraged; Alameda is putting in $1 million and only receiving $1 million; inquired why Alameda is not leveraging funds. The Community Development Director responded the $1 million commitment preserves a $14.4 million project, which is 7% of the total funding; if the City does not commit the $1 million, the City would forego $7.4 million; a lot of money is being leveraged; no one anticipated the announcement of a federal tax cut or the impacts; if approved, the project would commence construction on June 1, 2017; by the fall of 2018, 20 families will live in affordable housing; if the project is not done in time, the funding will be taken back; the $1 million is a small investment which ensures a 20-unit project commences construction three months from now. Councilmember Oddie stated 5 months ago the City had the entire pot; inquired whether other options have been reviewed. The Community Development Director responded the affordable housing bond program was put in place to fund affordable housing projects; what is being requested is to put the projects in the most competitive advantage to leverage other funds; if Site A does not have the full local match it needs to make its application in June, it will not be competitive and could miss 40 to 45% of all the funding needed for the project; Eagle Avenue will miss out on already-committed funding if the City foregoes the $1 million. Councilmember Oddie stated another argument is that the City is foregoing using that money for the future, because it is not being leveraged. The Community Development Director stated the City would continue to do the same rigorous funding for each of the projects; the same sources would be used because every affordable housing project is comprised of several different funding sources; the City does not have a Boomerang funding program, the County does; the City has not Regular Meeting Alameda City Council 3 March 7, 2017 | CityCouncil/2017-03-07.pdf |