RES 96088 - Laserfiche WebLink

d. Lower-Income Housing Fee In 1990, the City adopted the "Lower-Income Housing Fee" ordinance, establishing a development fee in lieu of constructing housing for lower-income households. All residential, commercial, office, and industrial developments not otherwise exempted from the ordinance are subject to the fee. Exemptions are allowed for: (1) all residential units within a development with at least 15 percent low-income units; (2) low-income units within a residential development with less than 15 percent low-income units; and (3) moderate-income housing units within a residential development. Monies generated from the fee are to be used in support of activities to implement the General Plan Housing Element. Activities may include, but are not limited to, land acquisition, construction, rehabilitation, subsidization, and counseling or assistance to other governmental entities, private organizations, or individuals to expand housing oppommities to lower-income households. Monies may be disbursed for the purpose of providing assistance to housing development corporations, equity participation loans, grants, participation leases, loans to develop affordable housing or other public/private parmership arrangements, etc. The housing fund may be used for the benefit of both rental and owner-occupied housing. Current fees are as follows: Single-family dwellings $1,954/unit Multi-family dwellings $651/unit Commercial and Industrial $0.43/sq. ft. floor area Since the time of adoption of the fee ordinance, approximately $6.3 million has been collected in the Lower-Income Housing Fund. Of this amount, $1.7 million is set aside to guarantee the Ridge View Commons mortgage payments; approximately $2.0 million has been used to provide financing and to cover fee waivers for The Promenade and Stanley Senior Apartments projects; $260,000 was used in the Pleasanton Second Mortgage Program; $231,000 was used to supplement the CDBG program for projects which provide or preserve low-income housing; $100,000 was used to support housing provided by Bay Area Community Services for the mentally disabled adults project; and a small amount has been used in support of affordable housing consultant fees for various projects. Approximately $2 million of the Fund is uncommitted at this time. These funds, as well as future funds, will be available for consideration of use for preservation and/or development of low-income housing. 20