Title
Appropriating Local Housing Trust Fund and Prohousing Incentive Program Awards to Affordable Housing Projects
Recommended Action
Adopt a Resolution of the City Council of the City of Mountain View: (1) Reducing the Previous Appropriation of $8,400,000 from the Housing Department’s Below-Market-Rate In-Lieu Fees Housing Subfund (BMR Fund) for the 1012 Linda Vista Avenue project by $1,600,000 (Five votes required); (2) Reducing the Previous Appropriation of $11,100,000 from the BMR Fund for the 1020 Terra Bella Avenue Project by $3,226,500 (Five votes required); (3) Appropriating $2,400,000 from the City of Mountain View Housing Department’s City Local Housing Trust Subfund (City LHTF) to the 1020 Terra Bella Avenue Affordable Housing Project, $1,600,000 from the City LHTF to the 1012 Linda Vista Avenue Affordable Housing Project, and $205,452 from the City LHTF for Eligible Administrative Costs (Five votes required); (4) Accepting and Appropriating a State of California Prohousing Incentive Program (PIP) Round 2 Grant in the Amount of $870,000 to the Housing Department’s General Housing Subfund; (5) Allocating $826,500 of the PIP Round 2 Grant Funds to the 1020 Terra Bella Avenue Affordable Housing Project; and (6) Authorizing Use of $43,500 of the PIP Round 2 Grant Funds for Eligible Administrative Costs, to be read in title only, further reading waived (Attachment 1 to the Council report).