Title:
Title
Authorization to Administer Permanent Local Housing Allocation and Overview of Affordable Housing Finance Resources [NH1]
End
FileID
File ID: 2019-00233
Location
Location: Citywide
Recommendation:
Recommendation
Adopt a City Council Resolution authorizing the Sacramento Housing and Redevelopment Agency (SHRA) to apply to the State of California on behalf of the City to receive and administer the City's entitlement of Permanent Local Housing Allocation (PLHA) funds, to enter into all required agreements to receive PLHA funds, and amend SHRA's budget accordingly.
Contact: Christine Weichert, Assistant Director, (916) 440-1353, Sacramento Housing and Redevelopment Agency
Body
Presenter: Christine Weichert, Assistant Director, (916) 440-1353, Sacramento Housing and Redevelopment Agency
Attachments:
1-Description/Analysis
2-Resolution
3-SHRA-Administered Affordable Housing Resources
4-State Affordable Housing Resources
Description/Analysis
Issue Detail: The Sacramento Housing and Redevelopment Agency (SHRA) serves as the local housing finance agency for the City and County of Sacramento. As such, SHRA provides assistance to developers for the construction and preservation of affordable housing offering gap financing and the issuance of tax-exempt bonds for the development or acquisition/rehabilitation of multifamily rental housing in the City of Sacramento and unincorporated areas of the County of Sacramento. All housing financed by SHRA carries affordability restrictions on some or all of the units.
The joint-powers model that combines the functions of the City and County Housing Authorities and the local housing finance agency allows for significant economies of scale that increases local capacity for complex underwriting, long-term servicing and monitoring of the affordable housing inventory - both for multifamily and homeownership programs.
SHRA manages the federal HOME Investment Partnerships (HOME) Program...
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