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Committee approves sending $2 million neighborhood homes financial assistance plan to council with Housing Development Fund as administrator
Summary
The committee recommended authorizing the Housing Development Fund to administer $2 million the city allocated for the neighborhood homes program, covering gap financing, a small design fund and administrative fees; committee members confirmed the funds were allocated in prior budget actions.
The Planning, Economic Development and Housing Committee voted July 21 to send a resolution to the full City Council authorizing the Housing Development Fund (HDF) to administer $2,000,000 in city funds for the neighborhood homes program.
Housing division staff said HDF is already administering a $4,000,000 state tranche for similar gap financing and that the city allocation would be used to support gap financing (up to $150,000 per unit was cited elsewhere in the meeting), administrative fees and a $25,000 design fund intended to produce preapproved two‑family designs to streamline permitting for small developers.
Jack Benjamin and staff said the $2,000,000 originated from a prior city budget allocation and that the resolution gives staff the authority to transfer funds and engage HDF as administrator. Council members asked for clarity on administration and confirmation the money was already appropriated; staff confirmed the allocation and that the resolution is the step to authorize use.
The committee voted to forward the resolution to council with a favorable recommendation.
