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Commission reviews FY25'26 housing budget; staff reports healthy reserves and upcoming NOFA
Summary
Commissioners reviewed the housing-specific portions of the FY25'26 recommended budget, heard that the housing mitigation fund and BMR fund have healthy reserves, and were told a $16 million NOFA is planned for the next fiscal year. No action was required.
Commissioners reviewed the housing-specific portions of the recommended fiscal year 2025'6 budget at the May 28 meeting and heard staff say both the housing mitigation fund and the below-market-rate (BMR) fund have healthy reserves.
Jenny (housing officer, staff) briefed the commission that the housing mitigation fund had current reserves of about $26,000,000 and the BMR fund about $14,000,000. She told the commission Sunnyvale uses a 20-year planning horizon and aims to keep a prudent reserve (Jenny said she prefers not to drop below roughly $20,000,000) to weather revenue volatility.…
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