Empower individuals & families ● Build community resilience ● Promote housing opportunities ● Enhance quality of life
HOUSING &
HOMELESS SERVICES
Item 7.2
Housing Successor Fund FY 2025-26 Budget
HOUSING &
HOMELESS
SERVICES
Housing Successor Fund
• Legacy of redevelopment
• Administered by Housing Authority (the
“Housing Successor” under state law)
• Recycled loan funds
• Excess Surplus Funds expenditure
requirements
Low- and Moderate-Income Housing Asset Fund
(“Housing Fund” or “Low-Mod Fund”)
HOUSING &
HOMELESS
SERVICES
Funding Recommendations
Program Detail Amount
Affordable Housing
Production
Long-term loan for new
construction or substantial
rehabilitation
$3,000,000
Homeless Prevention Pilot Senior Shallow
Rental Subsidy Program (SRSP)
$250,000
Administration Property inspections,
compliance reviews, staff time
$300,000
Total $3,550,000
HOUSING &
HOMELESS
SERVICES
Affordable Housing Production
Notice of Funding Availability
• Priority on new construction, rather
than rehabilitation,
acquisition/preservation
• May package with other funds, such as
Community Development Block Grant
(CDBG), Local Housing Trust Fund (LHTF)
• To coordinate timing with County and
State programs to maximize impact
HOUSING &
HOMELESS
SERVICES
Homeless Prevention
Pilot Senior Shallow Rental
Subsidy Program (SRSP)
• Rental subsidy up to $500/month
• Eligible to low-income households age 55+
• Priority given to Extremely Low-Income Households
(30% AMI and below)
• Assistance is for 12 months
• Staff to prepare administrative guidelines
HOUSING &
HOMELESS
SERVICES
Administration
• Property inspections and file reviews of
City’s portfolio
• Compliance software maintenance
• Staff costs to administer programs,
negotiate and execute documents, etc.
HOUSING &
HOMELESS
SERVICES
Staff Recommendation
Program Detail Amount
Affordable Housing
Production
Long-term loan for new
construction or substantial
rehabilitation
$3,000,000
Homeless Prevention Pilot Senior Shallow Subsidy
Program
$250,000
Administration Property inspections, compliance
reviews, staff time
$300,000
Total $3,550,000
Housing Authority approve the Housing Successor FY 2025-26 budget as follows: