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 ...
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