Title:
Title
Multifamily Financing and Mortgage Revenue Bond Policies Workshop [Continued from 04/23/2019 and 05/28/2019]
End
FileID
File ID: 2019-00330
Location
Location: Citywide
Recommendation:
Recommendation
Review and comment.
Contact: Christine Weichert, Assistant Director, (916) 440-1353, Sacramento Housing and Redevelopment Agency
Body
Presenter: Susan Veazey, Program Manager, (916) 440-1311, Sacramento Housing and Redevelopment Agency
Attachments:
1-Description/Analysis
2-Summary of the Proposed Revisions to the Multifamily Financing and Mortgage Revenue Bond Policies
Description/Analysis
Issue Detail: Staff is providing a workshop to review proposed updates to the Multifamily Financing and Mortgage Revenue Bond Policies. In 1993, the City adopted policies that governed the location, type and quality of affordable housing developed in the City to establish a straightforward and timely review of applications, and create an approval process which assures quality developments and their maintenance over time using funds administered by the Sacramento Housing and Redevelopment Agency (SHRA). The policies were revised in 1999, 2005 and again in 2009. Since the last revision of these policies, Redevelopment was eliminated and a number of funding sources and programs changed their regulations significantly. In addition, increased construction, financing, and overall project costs continue to impact the average financing gap for projects seeking public funding. As a result, staff began work to update and revise the policies in order to allow funds to be administered more effectively given the current financing landscape.
SHRA is utilizing this workshop to provide a summary of the proposed revisions and to seek feedback from the City Council and Housing Authority Board regarding the proposed changes.
SHRA utilizes a variety of funding sources to offer gap financing and facilitates the issuance of mortgage revenue bonds for the developme...
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