Title
Modification of Funding for the Linda Vista and Lot 12 Affordable Housing Projects
Recommended Action
1. Adopt a Resolution of the City Council of the City of Mountain View Rescinding Appropriation of $6,800,000 From the City’s Below-Market-Rate In-Lieu Fees Fund and $3,200,000 from the City’s Local Housing Trust Fund to the 1012 Linda Vista Affordable Housing Project, Less Any Eligible Expenses Incurred to Date, and Returning All Remaining Funds to their Originating Account, to be read in title only, further reading waived (Attachment 1 to Council Report).
2. Adopt a Resolution of the City Council of the City of Mountain View: 1) Reducing the Appropriation of $6,300,000 from the City’s Below-Market-Rate In-Lieu Fees Fund to the Lot 12 Affordable Housing Project by $3,200,000; 2) Reducing the Appropriation of $5,950,000 from the City’s Housing Impact Fees Fund to the Lot 12 Affordable Housing Project by $2,643,327; and 3) Appropriating $3,200,000 from the City’s Local Housing Trust Fund, $1,862,056 in Home Investment Partnership Program Grant Funds, and $781,271 in Home-American Rescue Plan Program Grant Funds to the Lot 12 Affordable Housing Project to be read in title only, further reading waived (Attachment 2 to Council Report).