TO: HONORABLE MAYOR FROM: Julia H. Cooper
AND CITY COUNCIL Jacky Morales-Ferrand
SUBJECT: SEE BELOW DATE: March 20, 2023
Approved Date
3/20/2023
SUPPLEMENTAL
SUBJECT: POLICY FOR THE ISSUANCE OF MULTIFAMILY HOUSING
REVENUE BONDS
RECOMMENDATION
The Administration recommends that the Policy for the Issuance of Multifamily Housing Revenue Bonds (Policy) be dropped from the March 21, 2023 City Council agenda.
BACKGROUND
Based on discussions between the Housing and Finance Departments, there have been questions raised by the Mayor and some Council Offices regarding the proposed changes to the Policy and opportunities to reduce fees which could assist in reducing the cost of affordable housing development. Given that City staff needs to do additional research to fully understand the implications of reducing fees on the ability for the City to comply with our monitoring of the affordable housing projects to ensure ongoing regulatory and tax compliance, staff is recommending the item be dropped from the March 21, 2023 City Council agenda.
Finance and Housing staff will bring back policy revisions after research and outreach has been concluded and staff can adequately address the Mayor and Councilmember questions. Staff anticipates the revised Policy recommendations will be brought forward for City Council review and consideration in fall 2023.
COUNCIL AGENDA: 3/21/23
FILE: 23-407
ITEM: 3.4
HONORABLE MAYOR AND CITY COUNCIL
March 20, 2023
Subject: Supplemental -- Policy for the Issuance of Multifamily Housing Revenue Bonds
COORDINATION
This report has been prepared in coordination with the City Attorney’s Office.
/s/ /s/
JULIA H. COOPER
Director of Finance Department
JACKY MORALES-FERRAND
Director of Housing Department
For questions, please contact Qianyu Sun, Deputy Director of Finance, Debt & Treasury Management, at (408) 535-7832, and Rachel VanderVeen, Assistant Director of Housing, at (408) 535-3860.