pages: CityCouncil/2017-03-07.pdf, 7
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CityCouncil | 2017-03-07 | 7 | the HAHCD Director responded in the affirmative; stated the City has confirmed with HUD that if a project falls out, the vouchers could be awarded to another project. In response to Councilmember Ezzy Ashcraft's inquiry, the HAHCD Director stated Rosefield Village is between Buena Vista Avenue and Eagle Avenue, one half block east of Webster Street. Councilmember Ezzy Ashcraft stated Site A is not a HA property; inquired whether it is unusual to award Section 8 vouchers to properties that are not solely under control of the HA, to which the HAHCD Director responded in the negative. In response to Councilmember Ezzy Ashcraft's inquiry whether the HA Executive Director made a direct request of HUD for the Site A project, the HAHCD Director stated the process of awarding vouchers is standardized across the United States. In response to Vice Mayor Vella's inquiry, the HAHCD Director stated if a housing choice voucher is available, the dollar value allows a loan of another $100,000; the loan needs to be repaid by the rent subsidy; in the Eagle project, the investor is requiring a $50,000 per unit reserve fund because of uncertainty on the Federal level; the $100,000 is offset by the $50,000; the voucher can supplement and spread funds further, but it varies per project. The Base Reuse Director continued the presentation. In response to Councilmember Oddie's inquiry, the Base Reuse Director stated the City could not apply for the 4% Low-Income Housing Tax Credit (LIHTC) because the cap and trade could not be obtained. The Community Development Director stated base allocation monies are never seen; project applicants apply for funding directly to the County which underwrites the deal; the County makes the determination whether a project should be awarded. Mayor Spencer stated the Eagle Avenue project is $1 million or 7%, and Site A is $5 million or 16%; inquired whether there is a best practice in regards to taking such a large percentage for one project. The Community Development Director responded spending $5 million over 130 units is less than 16%. In response to Mayor Spencer's inquiry, Andy Madeira, Eden Housing, stated local funds are represented by the market rate land developer's contribution, HA vouchers, and other local contributions, including the County A1 bond funds; the amount being requested tonight is a typical amount. The Base Reuse Director stated the City was strategic in determining the scenarios; staff concentrated the $5 million on one project in order to make the City better fit the 9% tax credit; concentrating on one project made Alameda score higher and stay competitive. Regular Meeting Alameda City Council 5 March 7, 2017 | CityCouncil/2017-03-07.pdf |