SUBJECT/RECOMMENDATION:
Title
Approve an amendment to the Affordable Housing policies of the Fiscal Year 2022 city council allocation of General Fund budget, related to the receipt of Revenue Recovery Funds provided by the American Rescue Plan Act - Local Fiscal Recovery Funds. (consent)
Body
SUMMARY:
On November 3, 2022, City Council approved certain policies (hereafter, ED&H ARPA Policies) for the utilization of Revenue Recovery Funds provided by ARPA-LFRF to support the production or preservation of affordable and workforce housing units. The amended policies will enhance and provide greater clarity and utilization consistent with department’s objectives. The changes include the following:
1. Allows for installation of Level 2 electric vehicle-capable wiring, including the costs of engineering, permitting, and inspections;
2. Increases maximum loan amount per unit of multi-family rental rehabilitation;
3. Increases amount and changes terms for single-family home rehabilitation loans;
4. Provides clarifying language for Emergency Repair grants; and
5. Establishes that provisions of the City’s Local Housing Assistance Plan prevail if not specifically provided within the ED&H ARPA Policies.
APPROPRIATION CODE AND AMOUNT:
No additional allocation. Funds are currently available in special program G2212, ARPA Affordable Housing.
USE OF RESERVE FUNDS: N/A