Title
Applying for and Establishing Local Housing Trust Fund and Reprogramming Approved Appropriations for Affordable Housing Projects
Recommended Action
1. Adopt a Resolution of the City Council of the City of Mountain View Authorizing Application to the Local Housing Trust Fund Program and Certifying to the California Department of Housing and Community Development Compliance with the Local Housing Trust Fund Program Requirements, to be read in title only, further reading waived (Attachment 1 to the Council report).
2. Adopt a Resolution of the City Council of the City of Mountain View Establishing the City of Mountain View Local Housing Trust Fund, to be read in title only, further reading waived (Attachment 2 to the Council report).
3. Approve $5 million in transfer of funds relating to depositing funds from the Housing Impact Fees Fund to the new Local Housing Trust Fund to serve as the matching funds for the Local Housing Trust Fund grant. (Five votes required)
4. Reprogram approved appropriations from the Housing Impact Fees Fund to the Below-Market-Rate Housing In-Lieu Fees Fund for the following projects:
a. $13.5 million for Alta Housing/Terra Bella II LLC’s 108-unit affordable housing development located at 1020 Terra Bella Avenue; and
b. $10 million for the Alta Housing 70-unit affordable housing development located at 1012 Linda Vista Avenue. (Five votes required)