To: Honorable Chair and Commissioners
From: Vincent Smith, Community Development Director
Prepared By: Lark Ferrell, Housing Manager
TITLE:
Title
Heritage House Apartments Project-Based Vouchers
LABEL
RECOMMENDED ACTION:
Recommendationle
Adopt a resolution approving an award of 38 project based vouchers to Heritage House Partners LP for the Heritage House Apartments Project, a 66-unit affordable housing project, including 33 units of permanent supportive housing, located at 3700 Valle Verde Drive and determining 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 up to approximately 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 PBVs as a strategy to expand housing opportunities for lower-income households.
PBVs have several advantages over Housing Choice vouchers. First, because the vouchers provide for higher rents than are typically received for rent restricted affordable units, PBVs typically allow an affordable housing developer to borrow a larger mortgage, which in turn helps fund development of the affordable housing or, in the case of permanent supportive housing projects, the higher rents help provide funding to pay for the costs required to provide supportive services for the project's residents. 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...
Click here for full text