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Board reviews affordable housing gap-funding plan and program updates
Summary
The Urban Core Redevelopment Board reviewed a proposed small-scale rental development gap-funding program that would offer up to $100,000 for legacy properties, up to $75,000 per unit (capped at $550,000 per project) and heard updates on RPIP and the expanded Commercial Property Improvement Program.
The Urban Core Redevelopment Board on the project-list item discussed a proposed small-scale rental development program intended to help owners and small developers bridge financing gaps on projects that cannot access tax-credit financing.
Staff (speaker 5) described three funding categories: up to $100,000 for ‘‘legacy’’ properties where owners can show 15 or more years of family ownership and property rehabilitation is needed; up to $75,000 per unit when paired with a primary lender; and a project cap of $550,000 with a limit of 10 units per project. "We will go in and do up to a $100,000 worth of work," staff said, describing the legacy-property pathway. The program is designed to support rentals affordable at about 80% of area median income.
Erica Grant Cagnell, economic development director (speaker 9), clarified administration for one application stream: Habitat for Humanity will run the application site for the three infill homes referenced in the packet, and that particular application is not a city-run intake. "This is not a city process," she said, adding that Habitat is qualifying applicants through its process.
Amanda (staff, speaker 9 in the RPIP update) reported program activity: one RPIP application in review, one on hold at the applicant's request, two applicants invited for full application and two projects currently under contract. She said the resiliency program has an application under review and staff performed emergency tarp work to prevent further damage at one property.
Shirley (speaker 3) described the expanded Commercial Property Improvement Program (CPIP) target area, approved Oct. 6, and said typical project awards are based on square footage, value and age; individual projects can get up to $150,000 under current parameters. Board members asked about funding rollovers for applicants who delay or withdraw; staff said funds may roll depending on rollover rules and other priorities.
The board did not take a final vote to adopt the small-scale rental program policy at this meeting; staff said they are preparing procurement work to engage a financial institution to manage underwriting and compliance if the policy is approved.
Next steps: staff will return with procurement and guidelines if the board approves the policy at a future meeting.
