HomeMy WebLinkAboutFinance Committee 2020-09-08 Agenda Packet
CITY COUNCIL FINANCE COMMITTEE
Tuesday, September 8, 2020
8:30 a.m. to 9:30 a.m.
Meeting held via Conference Call
(669) 900-9128
Meeting ID: 827 4711 2183
1. Public comment
2. Xantrion contract
3. Affordable housing trust fund
4. FY19/20 preliminary year-end and FY 20/21 budget update
5. Future topics
6. Adjourn
Any records relating to an agenda item, received by a majority or more of the board or commission less than 72 hours before t he
meeting, shall be available online. Sign Language interpreters may be requested by calling (415) 485-3066 (voice), emailing
Lindsay.lara@cityofsanrafael.org or using the California Telecommunications Relay Service by dialing “711”, at least 72 hours in
advance of the meeting.
MEMORANDUM
TO: Finance Subcommittee
FROM: Ethan Guy, Principal Analyst
DATE: September 8, 2020
SUBJECT: Affordable Housing Trust Fund Updates
The purpose of this memorandum is to provide an update on applications for funding to the Affordable
Housing Trust Fund.
Notice of Funding Availability (NOFA)
On June 5, 2020, the City announced the availability of one million six-hundred thousand dollars
($1,600,000) of initial funding to spur the creation of affordable family rental housing. The City reserved
the right to award funds above or below this amount. The application deadline for this NOFA was June 19,
2020 by 5:00pm. Staff received four applications totaling $3.25 million in funding requests:
Funding Recommendations
After review of the applications, staff recommends moving forward with the following projects at the listed
funding levels:
• 190 Mill Street: Funding Recommendation- $750,000
• Whistlestop: Funding Recommendation- $800,000
These two projects are recommended for funding because they are both new construction projects--which
was indicated as a funding priority by City Council. Additionally, both projects are affordable for very low
and extremely low income households and both provide substantial services—190 Mill Street provides
permanent support housing and Whistlestop provides senior housing.
Due to upcoming state funding applications being leveraged by both 190 Mill Street and Whistestop, Staff
provided a Conditional Offer letters to the applicants to increase their competitiveness. These offer letters
are conditional on City Council approval.
While staff did not recommend funding for the 5 F Street project, their application was considered
competitive. Acquisition of these units would immediately increase the City’s affordable housing stock, by
protecting existing units and their tenants. If additional funding becomes available, staff recommends
revisiting potential funding for this project.
Staff did not recommend moving forward with funding for the Centertown project as this project does not
provide new affordable unit, rather the application is funding rehabilitation of existing affordable units.
Additionally, staff is currently working with the application on restructuring existing redevelopment loans
on this property to increase the projects competitiveness for bond financing.
Project Name Applicant Type Units Total Project Costs Financing Gap NOFA Request
190 Mill St.Homeward Bound of Marin New Construction 32 $32,866,387 $2,000,000 $750,000
Whistlestop EDEN Housing New Construction 67 $48,460,816 $4,828,452 $1,000,000
5 F Street San Francisco Community Land Trust Acquisition 8 $2,756,374 $500,000 $500,000
Centertown BRIDGE Housing Rehabilitation 60 $32,846,481 $1,000,000 $1,000,000
Total 167 $116,930,058 $8,328,452 $3,250,000