Attachment 2
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CITY OF MOUNTAIN VIEW
RESOLUTION NO.
SERIES 20__
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOUNTAIN VIEW: 1) REDUCING THE APPROPRIATION OF $6,300,000 FROM THE CITY’S BELOW-MARKET-RATE IN-LIEU FEES FUND TO THE LOT 12 AFFORDABLE HOUSING PROJECT BY $3,200,000; 2) REDUCING THE APPROPRIATION OF $5,950,000 FROM THE CITY’S HOUSING IMPACT FEES FUND TO THE LOT 12 AFFORDABLE HOUSING PROJECT BY $2,643,327; AND 3) APPROPRIATING $3,200,000 FROM THE CITY’S LOCAL HOUSING TRUST FUND, $1,862,056 IN HOME INVESTMENT PARTNERSHIP PROGRAM GRANT FUNDS, AND $781,271 IN HOME-AMERICAN RESCUE PLAN PROGRAM GRANT FUNDS TO THE LOT 12 AFFORDABLE HOUSING PROJECT
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WHEREAS, the City of Mountain View has a robust pipeline of affordable housing projects and invests its housing funds , which include Below-Market-Rate In -Lieu Fees funds (“BMR Funds”), Housing Impact Fees (“HIF”) f unds, and its federal allocation of HOME Investment Partnership (“HOME”) grant funds, to advance these projects; and WHEREAS, the City was also awarded funding from the State Local Housing Trust Fund (“LHTF”) program and the federal HOME-American Rescue Plan Program (“ HOME-ARP”) to support the construction of new affordable housing units; and WHEREAS, the City’s LHTF, HOME , and HOME -ARP funds must be encumbered and expended by certain dates established by the funding agency, and, therefore, need to be allocated to an affordable housing project that can use these funds by the specified deadline; and WHEREAS, the Lot 12 Affordable Housing Project is a high -priority affordable housing project that was awarded federal Low -Income Housing Tax Credits on August 5, 2025 , and is preparing to start construction within six months; and
WHEREAS, the Lot 12 developers, Alta Housing and Related California , have agree d to incorporate LHTF, HOME, and HOME-ARP funding as part of their financing structure for the Lot 12 affordable housing project, which will ensure timely expenditure of these funds; and WHEREAS, on April 13, 2021, Council appropriated $1.3 million from the City’s Below- Market-Rate In-Lieu Fees funds for the Lot 12 affordable housing project predevelopment costs; and
WHEREAS, on March 14, 2023, City Council appropriated $1,950,000 from the City’s Housing Impact Fees fund to the Lot 12 affordable housing project; and WHEREAS, on May 14, 2024, City Council appropriated $5,000,000 from the City’s Below- Market-Rate In-Lieu Fees funds to the Lot 12 affordable housing project; and -2-
WHEREAS, on April 22, 2025, City Council appropriated up to an additional $4,000,000 from the City’s Housing Impact Fees fund to the Lot 12 project; and WHEREAS, Housing staff recommends that City Council reduc e the appropriation of $6,300,000 in BMR Funds to the Lot 12 affordable housing project by $3,200,000 and the appropriation of $5,950,000 in HIF funds to the Lot 12 affordable housing project by $2,643,327, and replace said funding with a combination of LHTF, HOME, and HOME -ARP funding in an amount equivalent to the reductions in BMR and HIF funding; and WHEREAS, specifically, Housing staff recommends appropriating $3,200,000 in LHTF funds, $1,862,056 in HOME funds, and $781, 271 in HOME-ARP funds to the Lot 12 affordable housing project to replace the $3,200,000 reduction in BMR Funds and $2,643,327 reduction in HIF funds appropriated to the Lot 12 project; now, therefore, be it
RESOLVED: that the City Council of the City of Mountain View hereby reduces the appropriation of $6,300,000 BMR Funds to the Lot 12 affordable housing project by $3,200,000 and authorizes and directs the City Manager or their designee to take all steps necessary to return the $3,200,000 to City’s Below-Market-Rate In-Lieu Fees Fund; and be it
FURTHER RESOLVED: that the City Council of the City of Mountain View hereby reduces the appropriation of $5,950,000 in HIF funds to the Lot 12 affordable housing project by $2,643,327 and authorizes and directs the City Manager or their designee to take all steps necessary to return the $2,643,327 to City’s Housing Impact Fees Fund; and be it
FURTHER RESOLVED: that the City Council of the City of Mountain View hereby appropriates $3,200,000 from the City’s the Local Housing Trust Fund, $1,862,056 in HOME Investment Partnership grant funds, and $781,271 in HOME-American Rescue Plan Program funds to the Lot 12 affordable housing project; and be it
FURTHER RESOLVED: that this resolution shall become effective immediately upon adoption.
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