Title:
Title
(City Council / Housing Authority) Approval of Updated Multifamily Lending and Mortgage Revenue Bond Policies [Continued from 11/05/2019]
End
FileID
File ID: 2019-01174
Location
Location: Citywide
Recommendation:
Recommendation
Adopt: 1) a City Council Resolution approving updated Multifamily Lending and Mortgage Revenue Bond Policies; and 2) a Housing Authority Resolution approving updated Multifamily Lending and Mortgage Revenue Bond Policies.
Contact: Christine Weichert, Assistant Director, (916) 440-1353, Tyrone Roderick Williams, Director of Development, (916) 440-1316, Sacramento Housing and Redevelopment Agency
Body
Presenter: Susan Salley Veazey, Program Manager, (916) 440-1311, Sacramento Housing and Redevelopment Agency
Attachments:
1-Description/Analysis
2-Summary of the Major Changes to the Multifamily Financing and Mortgage
Revenue Bond Policies
3-Impact of Administrative Fee Reduction
4-Multifamily Lending and Mortgage Revenue Bond Policies (Redlined version)
5-Council Resolution
6-Housing Authority Resolution
7-Exhibit A - Final Multifamily Lending and Mortgage Revenue Bond Policies
8-Councilmember Hansen's Requested Changes
Description/Analysis
Issue Detail: In 1993, the Council adopted policies for the Sacramento Housing and Redevelopment Agency (SHRA) that governed the location, type, and quality of affordable housing developed in the City utilizing funding administered by SHRA. These policies facilitate the straightforward and timely review of applications and help ensure that developments are constructed and maintained to a high standard. The policies were revised in 1999, 2005, and again in 2009. Since the last revision of the policies, Redevelopment was eliminated in California (therefore eliminating a significant source of funding for affordable housing finance) and a number of funding sources and programs have changed their regulations significantly. In addition, increased construction, financing, and ove...
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