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HomeMy WebLinkAboutCD 2023 Affordable Housing Notice of Funding Availability Funding Recomendation PPT2023 Affordable Housing Notice of Funding Availability Funding Recommendation San Rafael City Council July 17, 2023 Background April 3, 2023: City Council received informational report on the Notice of Funding Availability April 10, 2023: $1.4 million Notice of Funding Availability (NOFA) issued May 15, 2023: NOFA application period closed • Three (3) submissions totaling $2.6 million in requests San Rafael City Council July 17, 2023 City of San Rafael Affordable Housing Trust Fund Fund revenues •Affordable housing in-lieu fees from market-rate residential projects •Commercial linkage fees from commercial projects Unencumbered fund balance: $2,034,226 San Rafael City Council July 17, 2023 2023 Affordable Housing NOFA – Considerations for Funding •Meets requirements provided in the Guidelines for trust fund administration •Demonstrates site control or ability to achieve site control •Provides greatest return on City’s investment by maximizing number of affordable units created •Includes reasonable per unit City subsidy coupled with other funding sources •Contributes to meeting City’s goals for housing development and Regional Housing Needs Allocation San Rafael City Council July 17, 2023 2023 Affordable Housing NOFA – Responses Received San Rafael City Council July 17, 2023 3301 Kerner Boulevard Sponsor: Eden Housing •Adaptive reuse of office building •40 studio and 1-bedroom units of permanent supportive housing near services •Start of construction: May 2023 •Estimated completion: December 2025 San Rafael City Council July 17, 2023 Request for funds to address location in floodplain, including raising first-floor residential units 3301 Kerner Boulevard – Recommended Funding San Rafael City Council July 17, 2023 3301 Kerner Blvd: Three-Way Match San Rafael City Council July 17, 2023 Funding Source Status Amount Permanent Local Housing Allocation (PLHA)Contingent on City match $250,000 Marin County Affordable Housing Trust Fund Contingent on City match $250,000 City of San Rafael Affordable Housing Trust Fund Recommended $250,000 TOTAL $750,000 3301 Kerner Boulevard San Rafael City Council July 17, 2023 161, 165 Novato Street Sponsor: Canal Alliance •Renovation of 4 units restricted to AMI of 50% and 60% of Area Median Income •Includes funding for temporary relocation of tenant families for 1.5-2 months San Rafael City Council July 17, 2023 161 & 165 Novato Street – Recommended Funding San Rafael City Council July 17, 2023 161 & 165 Novato Street San Rafael City Council July 17, 2023 Terra Linda Manor Sponsor: BRIDGE Housing •Rehabilitation of 125 units (mostly 1- and 2- bedrooms) restricted at 80% of Area Median Income •Estimated start of construction: October 2023 •Estimated completion: October 2024 San Rafael City Council July 17, 2023 Terra Linda Manor – Funding Recommendation San Rafael City Council July 17, 2023 Terra Linda Manor San Rafael City Council July 17, 2023 Recommended Funding – Affordable Housing In-Lieu Fee Fund San Rafael City Council July 17, 2023 City Council Options 1.Adopt the resolution. 2.Adopt a modified resolution. 3.Direct staff to provide additional information. 4.Take no action. San Rafael City Council July 17, 2023 San Rafael City Council July 17, 2023 Recommendation Adopt a resolution authorizing: 1.The expenditure of $1,450,000 plus administrative costs from the Affordable Housing In-Lieu Fee Fund (Fund #243) for three 100% affordable housing projects in fulfillment of the Affordable Housing Trust Fund 2023 NOFA, and 2.Authorizing the City Manager to execute all documents incident to issuing the funds. 18 2023 Affordable Housing Notice of Funding Availability Funding Recommendation San Rafael City Council July 17, 2023