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Committee debates HIF declines, AHAP CIP changes and recommends adding $4 million in taxable bonds
Summary
DHCA said HIF operating resources decrease for FY27 largely because of a $6.4M rise in debt service tied to additional taxable bonds; committee discussed forward-funded loan repayments and ultimately recommended a $4M CIP taxable-bond amendment to restore last year's level of effort.
Committee members and staff engaged in a detailed budget exchange over the Housing Initiative Fund (HIF) and the Affordable Housing Acquisition and Preservation (AHAP) CIP program. DHCA told the committee the HIF operating budget is down about $7.5M overall in FY27, largely because an increase of approximately $6.4M in debt service is required to support additional taxable bonds the executive recommended in the CIP.
The director and OMB staff explained that DHCA asked to program about $10.1M in loan-repayment proceeds into FY26 (forward funding) to close projects and that the executive added roughly $64M in taxable bonds for FY27 — changes that make year-over-year comparisons complex. Committee chair Friedson said he wanted to preserve at least last year’s level of effort for affordable housing and proposed adding $4,000,000 in taxable bonds to the AHAP CIP in FY27 to restore parity; staff estimated that the additional debt-service impact would appear in FY28 and be roughly under $400,000.
Committee members asked OMB and DHCA to reconcile spreadsheet figures and present a clear crosswalk comparing last year’s approved numbers and the current recommendation. The committee recommended a $4 million CIP amendment for AHAP to move toward restoring prior levels of affordable-housing funding, with staff to confirm final amounts and the precise debt-service impact ahead of full-council action.
Next steps: DHCA/OMB to provide a reconciled crosswalk of FY26-approved versus FY27-recommended AHAP funding and the committee’s recommended $4M taxable-bond CIP amendment will be transmitted to full council for consideration.
