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San Rafael staff warn trust fund revenue is diminished; subcommittee asks for study on alternative funding
Summary
Housing manager Alexis Taftanian told the subcommittee that revenue to the Affordable Housing Trust Fund has fallen as developers use the state density bonus to build on-site units, limiting in-lieu fee receipts; members asked staff to study alternative funding pathways and to present options to the full council.
Alexis Taftanian, housing manager for the City of San Rafael, told the Economic Development and Housing Subcommittee on March 24 that the city's Affordable Housing Trust Fund has diminished as large projects use the state density bonus to provide on-site affordable units rather than paying in-lieu fees.
"Recently what we've been seeing is that the revenue in that fund has diminished and the pipeline is... diminished," Alexis said, adding that one expected fee source (from projects at build-out) is deferred until…
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