To: Honorable Chair and Commissioners
From: Rick Tooker, Community Development Director
Prepared By: Lark Ferrell, Housing Manager
TITLE:
Title
Stoddard West Apartments Project-Based Vouchers
LABEL
RECOMMENDED ACTION:
Recommendationle
Adopt a resolution approving an award of eight project based vouchers to Burbank Housing Development Corporation for the Stoddard West Apartments Project, and determine that the actions authorized by this resolution were adequately analyzed by a previous CEQA action.
Body
DISCUSSION:
The Housing Authority provides Section 8 rental assistance throughout the County of Napa. Typically, this rental assistance is in the form of Housing Choice vouchers which are tied to the tenant. However, HUD allows a housing authority to set aside vouchers for up to 20% of its authorized units for a specific project ("project based vouchers" or "PBVs"). This means the PBV's are tied to a property rather than to a tenant. The Housing Authority's Five Year Annual Plan identifies funding PBV's as a strategy to expand housing opportunities for lower-income households.
PBV's have several advantages over Housing Choice vouchers. First, because the vouchers provide for higher rents than are typically received for rent restricted affordable units, PBV's allow an affordable housing developer to borrow a larger mortgage, which in turn helps fund development of the affordable housing. Thus, PBV's help finance construction of additional affordable housing in the community. Secondly, in a tight rental environment, such as currently exists in Napa County, tenants with vouchers often have a very difficult time finding housing. Because the Section 8 assistance is tied to the units, the tenants do not have to compete on the open market for units.
Burbank Housing Development Corporation (BHDC) has requested eight PBV's for its proposed Stoddard West Apartments Project, a 50-unit rental project (the "Project") which would be located on Gasser Drive ...
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