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Staff proposes an affordable housing fund as repository for in‑lieu fees and local match
Summary
Consultants and staff outlined an affordable housing fund to collect in‑lieu fees and other revenue sources to subsidize production, preservation and support services for lower‑income housing. Staff suggested administrative options and potential partners like Silicon Valley Housing Trust.
City consultants and planning staff described a proposed affordable housing fund that would receive in‑lieu fees, grants and donations and be used for gap financing, acquisition, long‑term land banking and subsidy of deed‑restricted ADUs. Andrew Hill summarized the fund’s purpose: "An affordable housing fund is a dedicated locally controlled funding mechanism that supports the production, preservation and rehabilitation of housing that's affordable to lower income households." Staff said capitalization could include in‑lieu fees, impact fees or general fund set‑asides and noted the fund could improve the city's competitiveness for state grant programs.
Jason Moody from EPS explained how in‑lieu fees are calculated and updated, describing the typical methodology used for fee-setting: "You calculate the fee based on the gap between the cost to build a unit and the price a household at a given AMI can afford," he said, and recommended CPI indexing with periodic re‑calculations (roughly every five years). Council members asked about administrative costs and options to partner with organizations (staff mentioned Silicon Valley Housing Trust) to reduce running costs and support program delivery.
