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CRA staff explains transfer of CBD housing funds to citywide secondary housing fund
Summary
Staff told the board CBD housing funds budgeted for affordable housing were transferred to the citywide secondary housing fund because there were no CBD-area project applications; primary housing funds remain tied to specific project areas under statute.
During the May 5 meeting staff explained the rationale for moving Central Business District (CBD) housing funds into the CRA's secondary housing fund. Danny said CBD is an older project area without a statutory primary-housing requirement; because no CBD-area project applications were received in the NOFA, the CBD housing money must be tracked and allocated through the citywide secondary housing fund.
Danny said there are four housing funds and described the legal and accounting distinction: "The primary housing fund is a function of what the statutory obligation is for project areas that have to contribute housing funds, so that goes into primary housing. Anything over and above that that a board allocates towards housing would then go into the secondary housing fund because it's not a requirement in meeting that obligation." He told the board that once funds go into either housing fund they will remain dedicated to affordable housing uses.
Staff noted that moving these CBD funds into the secondary housing fund allows them to be tracked and used citywide via the NOFA when projects are selected during the FY27 budget process. The board had no further questions and approved placing the amendment on the consent agenda for a public hearing the following week.
