To: Honorable Mayor and Members of City Council
From: Rick Tooker, Community Development Director
Prepared By: Lark Ferrell, Housing Manager
TITLE:
Title
Request from League of California Cities for Opinions Related to Veterans and Affordable Housing Bond Ballot Measure
LABEL
RECOMMENDED ACTION:
Recommendation
Adopt a resolution supporting the Veterans and Affordable Housing Bond Act on the ballot for the election of November 6, 2018.
Body
DISCUSSION:
Last year, the State Legislature passed and Governor Brown signed SB 3 (Beall) which placed a $4 billion Veterans and Affordable Housing Bond Act (the “Bond Act”) on the November 6, 2018 ballot. The League of California Cities has requested the City of Napa consider supporting this ballot measure.
Napa and most of California is currently facing a shortage of affordable housing. If the statewide Bond Act is approved by voters, the State would issue a $4 billion general obligation bond to fund affordable housing programs and a veterans’ homeownership program. This would help provide thousands of units of affordable housing throughout the State. Programs receiving funding under the ballot measure include:
• Multifamily Housing Program (MHP): $1.5 billion to provide funding in the form of loans for new construction, rehabilitation and preservation of rental housing for low-income households.
• Transit-Oriented Development Implementation Program: $150 million for low-interest loans for higher density housing close to transit stations and funding for infrastructure improvements for these developments.
• Infill Incentive Grant Programs: $300 million to promote infill affordable housing. This program provided funding for Napa Valley Community Housing’s Oak Creek Terrace affordable rental project.
• Joe Serna Farmworker Housing Grant Fund: $300 million to help finance housing for agricultural workers. This funding has assisted housing projects in American Canyon and Calistoga.
• Local Housing Trust Fund Match Grant Program: $300 million to help finance affordable housing by providing matching grants to local housing trusts.
• CalHome Program: $300 million to help lower income households remain or become homeowners. This funding has provided first time homebuyer assistance in the Cities of Napa and American Canyon and owner occupied rehabilitation assistance in Napa, American Canyon, and Yountville.
• Self-Help Housing Fund: $150 million to assist low and moderate-income families to build their own homes with their own labor; and
• CalVet Home Loan Program: $1 billion to provide loans to eligible veterans at below market interest rates.
It is unknown how much funding this would generate for Napa because the City and/or affordable housing developers would need to apply to the State for funding through these programs. However, based on funding received from previous State housing bonds, it is expected this Bond Act would generate millions of dollars in housing funding for affordable housing programs and projects in Napa.
FINANCIAL IMPACTS:
There is no financial impact from the recommended action. However, should voter approval be achieved, it could result in new funding available for affordable housing projects and programs in Napa.
CEQA:
The Community Development Director has determined the Recommended Action described in this Agenda Report is not subject to CEQA, pursuant to CEQA Guidelines Section 15060(c).
DOCUMENTS ATTACHED:
ATCH 1 - Resolution of support for Veterans and Affordable Housing Bond Act
NOTIFICATION:
Legal notice of public hearing was published in the Napa Valley Register at least ten days prior to the hearing date.