pages: CityCouncil/2017-03-07.pdf, 6
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CityCouncil | 2017-03-07 | 6 | applied because there have been enough funds to leverage; the City would not be able to compete for the bond without a stack of sources. Councilmember Ezzy Ashcraft inquired whether the two projects are time sensitive, to which the Community Development Director responded in the affirmative; stated Eagle Avenue must be in construction by June and financing must close in May; the City must apply for tax credit funding in June for the Site A project; if a tax credit application is not timely, it will not be a competitive application; requirements for the developer have to be in place; there is a relationship between affordable housing readiness and construction at Alameda Point. Vice Mayor Vella inquired whether Alameda is assuming the County will approve use of funds for Site A, to which the Community Development Director responded in the affirmative. The Base Reuse Director continued the presentation. Councilmember Oddie inquired whether the $5.5 million was City or County money, to which the Base Reuse Director responded the money would come to the City to be disbursed; the fiscal neutrality policy relates to General Fund services and ensures the General Fund is held neutral. Councilmember Oddie inquired whether all of the affordable housing vouchers are being used for the $5.5 million, to which the Base Reuse Director responded in the negative. Councilmember Oddie stated the issue is urgent and the Council is being asked to act quickly; everybody should pitch in; he is not convinced the City has looked for funding under every single rock. In response to Councilmember Oddie's inquiry, the Housing Authority Director of Housing and Community Development (HAHCD Director) stated the Housing Authority (HA) is constrained by Housing and Urban Development (HUD) regarding the number of vouchers that could be issued; until the vouchers were made available, the Housing Authority was at the cap and had no more vouchers; the HA applied under a national competitive application process and was awarded 45 vouchers for eligible veterans only; the award letter was published in November and the project has until May to move forward; if the projects fail to move forward, the HA loses the vouchers; she applied for the vouchers on behalf of the Rosefield Village project; there is a comprehensive scoring process to determine how the vouchers are to be distributed; the Base Reuse Director applied for all 45 vouchers for Site A and 20 vouchers were granted to Site A. Councilmember Oddie inquired about the voucher distribution, to which the HAHCD Director responded Site A is eligible to receive 20 vouchers, Rosefield Village is 20 vouchers, and Eagle Avenue is five vouchers. Vice Mayor Vella inquired whether the vouchers could be transferred to the Site A project if the Rosefield Village project does not move forward due to funding, to which Regular Meeting Alameda City Council 4 March 7, 2017 | CityCouncil/2017-03-07.pdf |