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Home My WebLink AboutRA 2008-004RESOLUTION NO RA 2008-004 RESOLUTION OF THE AGENCY BOARD OF THE CITY OF ATASCADERO COMMUNITY REDEVLOPMENT AGENCY ADOPTING CITY OF ATASCADERO AFFORDABLE HOUSING FUNDS POLICY WHEREAS, the City of Atascadero has an Inclusionary Housing Policy for all developments requiring a legislative approval, which includes provisions for in -lieu fees to be applied to future affordable housing; and WHEREAS, the City of Atascadero Redevelopment Agency (RDA) sets aside the state required sum of 20 percent of the tax increment, commonly referred to as RDA set-aside funds for affordable housing; and, WHEREAS, the Atascadero General provides policy direction in support of programs that help meet the City Regional Housing Needs Allocation, earmark redevelopment agency funds for housing projects, and use redevelopment agency funds to leverage State and federal funds to assist in the production of affordable housing; and, WHEREAS, the City of Atascadero held three separate public outreach meetings to discuss affordable issues and develop an affordable housing funds policy; WHEREAS, the City Council of the City of Atascadero during a regular meeting on October 28, 2008 approved the City of Atascadero Affordable Housing Funds Policy with attached Affordable Housing Participation Checklist; and, NOW THEREFORE, the Agency Board of the City of Atascadero Community Redevelopment Agency, hereby resolves to adopt the City of Atascadero Affordable Housing Funds Policy, attached hereto as Exhibit A, which includes an attached Affordable Housing Participation Checklist. On motion by Agency Board Member O'Malley, and seconded by Agency Board Member Clay, the foregoing resolution is hereby adopted in its entirety by the following roll call vote AYES Board Members Brennler, Clay, Luna, O'Malley and Chairperson Beraud NOES None ABSTAIN None ABSENT None ADOPTED November 25, 2008 Community Redevelopment Agency of Atascadero Resolution No. RA 2008-004 Page 2 of 5 Community Redevelopment Agency r Ellen Beraud, Chairperson ATTEST Marcia McClure Torgerson, C.M.C' Board Secretary APPROVED AS O Brian Pienk, Board Counsel a" Community Redevelopment Agency of Atascadero Resolution No. RA 2008-004 Page 3 of 5 EXHIBIT A: Affordable Housing Funds Policv Affordable Housing Funds Policy It is the goal of the City that there be an adequate supply of quality housing for its residents regardless of income levels and/or special needs over the long term To achieve this goal, the City will consider assisting affordable housing projects based upon a number of factors Chief among those factors is projects located within the Redevelopment Agency Project Area, affordable housing projects with a commercial retail component, and the return on investment made by the City or Agency In addition to considering the cost per unit, depth of affordability and length of affordability, at least the principal amount of any investment should be returned to the City or Agency in a timely manner This will help to ensure that adequate funds are available to maximize affordable housing opportunities over the long term Goal Promote an adequate supply of quality housing regardless of income levels and/or special needs of residents, and ensure that adequate funds are available to maximize affordable housing opportunities over the long term Policy 1.1. City and Agency will consider assisting affordable housing projects based upon a number of factors including projects located within the Redevelopment Agency Project Area, affordable housing projects with a commercial retail component, and the return on investment made by the City or Agency Polices City and Agency will use the Affordable Housing Project Ranking Checklist to evaluate proposed affordable housing projects and assistance requests Policy 1.3. City and Agency's highest priority will be to utilize Redevelopment Agency Housing Set -Aside Fund and City Affordable Housing In -Lieu Fund monies to provide "gap funding" so as to leverage funds from other sources for qualifying affordable housing projects Policy 1.4. At a minimum, the principal sum of any investment made by the City or Agency on an affordable housing project shall be recovered within a prescribed period of time Policy 1.5. At all times the City and the Agency shall obtain the principle amount loaned to a project. Projects that provide an additional return on investment will be given higher priority Policy 1.6. The City and Agency shall consider the experience, the timing, and the readiness of the proponent and proposed project Policy 1.7. The City and Agency shall make neighborhood compatibility, adherence to zoning requirements, environmental suitability of the site, and Community Redevelopment Agency of Atascadero Resolution No. RA 2008-004 Page 4 of 5 neighborhood acceptance principal considerations when evaluating the suitability of any proposed affordable housing project Policy 1.8 The City and Agency shall make green build practices, building appearance, and landscape principal considerations when evaluating the suitability of any proposed quality affordable housing project. Policy 1.9. The City and Agency shall consider the type of affordable housing project being proposed such as very low/low/moderate income, rental or ownership product, size and variety of units Policy 1.10. The City and Agency shall give higher priority to projects with a lower cost per unit. Policy 1.11. The City and Agency will consider the location and commercial component of a proposed project, and give higher priority to projects located in the downtown area and the Redevelopment Project Area Policy 1.12. The City and Agency shall obtain the longest possible term of affordability for assisted projects At a minimum 45 years for home ownership units, and 55 years for rental units Policy 1.13. The City and Agency shall encourage a wide range of partnerships between nonprofit corporations and private developers of affordable ..� housing that are located within San Luis Obispo County Policy 1.14. The City and Agency shall use the San Luis Obispo County Council of Governments Regional Housing Needs Allocation Plan (RHNA) Scale as a guideline for the percentage of income targeting housing units that should be developed Exhibit A. Affordable Housing Project Ranking Checklist (post Matrix) Community Redevelopment Agency of Atascadero Resolution No. RA 2008-004 Page 5 of 5 EXHIBIT A: Affordable Housing Participation Checklist (Exhibit A Attachment) City of Atascadero - Affordable Housing Participation Checklist Organization Name: Date: 1------I Project Name: Contact Person Project Type: Phone: New Construction Emaif Address: Rehabllltation Application Number: Is this an update to an existing checklist? 0 Optional Points 2 lints' 4 Encouraged Pojnts 4 points 4 High Priority Points Are there ha'slgniRcant envuomentat Issues? 2 2-4 Neighborhood Acceptance Mandatory Points 2-5 Green Development Plan is iiia project LEEP ced tlod? 2-1 Neighborhood Compatibility Does the propet fit the neighborhood? :: 4 2-2 Adherence Zoning Requirements Does pte, project follow General P*'Consjslelrcy?, 4 2-3 Environmental Suitahuty Are there ha'slgniRcant envuomentat Issues? 2 2-4 Neighborhood Acceptance Does the neighborhood support? (nelghbc A" Mee"'4 required) 2-5 Green Development Plan is iiia project LEEP ced tlod? 4 2-6 Builidng Appearance Does project provide high quality ardrtechue? 4 2-7 Landscape Does project' provide high quality landscape? 2 2-8 Commercial Component Project includes' mixed use2..-° '. .. oje �'„.. `., „ .. ';, 10 2-9 Downtown Site 2-10 Located to RDA Project Area Pruiectin downtown zone? Project in the'. Redevelopment Project Area.. :r, �;s„ ig 10 Percentage of Points Received = 100% Point Scored 200 Out of Total Points 200