
Friday, June 20, 2008

In This Issue

SDHF Supports TOD, Infill Infrastructure Augmentation

SDHC Petitions for Loans to Homebuyers at 120% AMI

LU&H Will Consider Impact of Inclusionary In-Lieu Fees

Closing Bond Deals Roundtable July 10

SDHF Supports Extra Funds for Infill, TOD

The Federation Board of Directors this week voted to support AB 1252, a bill in the State Legislature sponsored by Assembly Members Lori Saldaña and Anna Caballero. The bill would augment the first round of funding for new Prop 1C-funded programs. Both the Infill Infrastructure and Transit Oriented Development (TOD) programs were substantially over subscribed in response to initial NOFAs. As a result, the CA Department of Housing and Community Development (HCD) requested that the Legislature add to the first round funding for recommended projects and infill areas.

The augmentation, if passed, would release an additional $100 million for infill infrastructure grants and an additional $50 million from TOD. An amendment to the legislation earlier this week would also advance $150 million in transportation and highway related funds to "remedy the need for housing options that are located closer to workers' jobs." HCD's Loan and Grant Committee met yesterday and today to consider projects recommended by the HCD staff for Infill Infrastructure and TOD funding.

SDHC Home Buyers Allowed to 120% AMI

The San Diego Housing Commission petitioned the City Council's Land Use and Housing Committee this week to allow moderate income households (families with incomes between 80% and 120% AMI) to participate in the Commission's workforce housing home purchase program. Tom Scott supported the increase to 120% AMI on behalf of the Federation. The Committee approved forwarding this recommendation to Council.

The Commission was not so successful in securing agreement to use up to 20% of the Housing Trust Fund to assist moderate income first-time homebuyers. Tom Scott argued that with such substantial unmet needs for affordable rental housing for the lowest income San Diegans, the Commission should not be tapping the Trust Fund to support moderate income homebuyers. Council Member Toni Atkins said, "Messing with the Housing Trust Fund gives me heartburn." She said that the Commisssion should look for other sources of funds for homebuyers and not risk the chance that allocations from the Trust Fund might not be replaced.

LU&H Will Discuss Inclusionary Ordinance

In response to a request for changes to San Diego's Inclusionary Housing in-lieu fees, the City Council's Land Use and Housing Committee requested that an indepth discussion be scheduled to hear a report on in-lieu fees and how they are being used. Council Member Ben Hueso recommended that the Commission develop an incentive program for producing market rate housing and waiving inclusionary fees if a market analysis determines that a neighborhood has sufficient affordable housing. Council Member Atkins requested a report illustrating the fees that are being generated by area of the City to determine whether in-lieu fees are being utilized disproportionately in some neighborhoods. She said that the analysis should show the impact of in-lieu fees on balanced communities. Chairman Hueso agreed to calendar such a discussion but no date was set.

Closing Bond Deals Roundtable Topic

The next Affordable Housing Roundtable, scheduled Thursday, July 10, will cover "How to Close an Affordable Housing Bond Deal." The Roundtable discussion will explore the complexity of weaving together the bond and tax credit programs. It will provide a road map for navigating the bond/4% credit path, covering the CDLAC allocation process, timing, costs, the closing process, roles of key players, and underwriting keys. Evan Becker, Anil Advani, and Nick Hamilton from RED Capital will be presenters. Breakfast begins at 7:30 a.m. and the program is offered from 8 a.m. to 9:30 a.m. at the NTC Command Center. For information and registration, click here.

Coalition Forum on Foreclosures

The Affordable Housing Coalition of San Diego is sponsoring a forum on "The Foreclosure Crisis: The Struggle for Solutions in San Diego County". It will be held Saturday June 28 from 1 p.m. - 5 p.m. at the Tubman - Chavez Center, 415 N. Euclid Ave (southeast corner of Euclid and Market), San Diego 92114. Featured speakers are Sue Reynolds, CEO of Community HousingWorks, who will describe the foreclosure situation in SD County based on CHW's work with the Housing Collaborative.

There will also be a panel discussion presenting national, state, and local perspectives on the foreclosure crisis. The panel members will be: Harold Meyerson, Washington Post columnist and editor of the American Prospect; California State Assembly Member Lori Saldaña, Chair of the Assembly Housing and Community Development Committee; and San Diego City Council Member Tony Young, Chair, City-County Reinvestment Task Force. The forum will conclude with an organizing session on what needs to be done to protect San Diego homeowners.

Counseling and legal help for home owners threatened with foreclosure will be available on-site during the entire afternoon. For more information email ahcsd@cox.net or call Gregg Robinson at (619) 225-0377.