CC Resolution No. 8253
RESOilJI'ION NO. 8253
A RESOilJI'ION OF THE CITY <XXJNcn. OF THE CITY OF CUPmrINO
RESCnIDING RESOilJI'ION NO. 7881 AND ADOPI'ING A GENERAL PRIXRAM
DESCRIPTION FOR THE AFFORDABLE HOUSING FUND
WHEREAS ,
applications
housing; and
WHEREAS, the Canmittee's Il1aIñite is to develop programs and strategies
consistent with the City's housing policy as expressed in the General
Plan; and
the City Council has established a Canmittee to review
and make rE!CC:lIllœrXjations for the development of affordable
WHEREAS, there has been presented to the City Council a General
Program Description for the housing fun:1;
NCM, 'IHEREFORE, BE IT RESOLVED that said program description for the
Affordable Housing FuOO be adopted.
PASSED AND ADOPI'ED at a regular meeting of the City Council of the
City of CUpertino this 5th day of November, 1990 by the following vote:
vote
Members of the Citv Council
AYES:
NOES:
ABSENT:
ABS'I'Alli :
Goldman, Koppel, Sorensen, Szabo, Rogers
None
None
None
ATI'EST:
APPROVED:
/s/ Dorothy Cornelius
City Clerk
/s/ Barbara A. Rogers
Mayor, city of CUpertino
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CITY OF CUPERTINO AFFORDABLE HOUSING FUND
GENERAL PmGRAM DESŒIPl'ION
I.
INI'RODUCI'ION
'!he 0Jpertin0 City Council established the Affordable Housing F\1rx:l in
1986 to assist in financing the development of rental housing units
for persons of low ani nxxierate income. '!he City encourages
applications from housing developers to ilrplement the objectives of
this program.
Recipients of financial assistance shall be responsible for both
development or rehabilitation of housing units, and management
thereof after construction. '!he City will not offer to purchase or
manage development; all units will remain privately owned and
operated.
City staff will notify housing developers of the availability of the
program, and applications will be accepted throughout the year. staff
will review the applications received and present them to the
Affordable Housing Canmittee who will make recammerx:1ations to the
City Council for final approval of specific projects.
Projects selected for actual develo¡;m:nt will be evaluated based on
the availability of funis and upon criteria developed by the housing
canuuittee ani approved by the City Council.
II. PmGRAM OBJæl'IVES:
'!he major objectives of the Affordable Housing FuOO are as follows:
A. SUpport the develo¡;m:nt and management of rental housing for
persons of low and nxxierate income.
B. Increase the rental housing stock and rental housing unit
availability with priority for oocupancy given to persons who
live, work or have families in CUpertino.
C. Disperse housing units provided uooer the program geographically
within the City's Sphere of Influence.
D. Encourage housing developers to tap into other resources (such as
state and Federal loans ani grants, fOlJl'Xlation grants, corporate
contribltions, private investments, community fun:1-raising, etc.)
so that city funis are leveraged to the greatest extent possible.
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III. DE\IE[£)PMENI' ASSIsrANCE:
N.
Incentives for the developnent of housing may include loans from the
City's Affordable Housing FuOO, waiver or reduction of development
fees, priority processin:J of plans, an:l density bonus increases or
other incentives as authorized by the city's General Plan and State
law.
Financial assistance from the housing fund will take the fonn of
loans to specific projects, not outright grants. Each project pro
forma. IIILISt contain provisions for repayment of the loan, even if a
deferred repayment plan is awroved.
The æoount of each loan and the tenns of repayment will be
established for each project and will be based on an analysis of the
furxJs œed<?d to make the project financially feasible within program
constraints.
The program fun:! a=unt includes CaI1munity Development Block Grant
(CDBG) furxJs. A=rdingly, that portion of any project loan
represented by CDBG expeOOitures IIILISt cx:mply with all applicable
CDBG program guidelines for project developrnent and end-user income
eligibility .
AFFORDABLE HOUSING roroTI'EE:
Applications for furxJs from the Affordable Housing FuOO will be
reviewed by a Housing Canmittee selected by the City Council. The
Committee will consist of a City Council Member, the Director of
CaI1munity Developrnent, the Finance Director, a cammunity IÆ!ß1ber and
a representative from the financial cammunity. Applications
a¡:proved by a majority of the oommittee will be presented to the
City Council for final action.
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