9 - Housing Trust
Council Agendas and Reports
9 - Housing Trust
7/30/2010 10:41:59 AM
6/17/2010 3:28:56 PM
Docs Ref Code
Notes - Clerk
Consider adopting a resolution authorizing the executive director to execute an agreement between the redevelopment agency and the housing trust of Santa Clara County providing contributions to the housing trust of Santa Clara County.
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,~pwN of MEETING DATE: 6/21/10 <br />ITEM NO. <br />~~;, ~~ <br />f~ <br />~~ , <br />!ps °G~A:~pS <br />REDEVELOPMENT AGENCY AGENDA REPORT <br />DATE: June 15, 2010 <br />TO: CHAIR AND MEMBERS OF THE REDEVELOPMENT AGENCY <br />FROM: GREG CARSON, EXECUTIVE DIRECTOR ,~~~~G9~~``~ <br />SUBJECT: CONSIDER ADOPTING A RESOLUTION AUTHORIZING THE <br />EXECUTIVE DIRECTOR TO EXECUTE AN AGREEMENT BETWEEN THE <br />REDEVELOPMENT AGENCY AND THE HOUSING TRUST OF .SANTA <br />CLARA COUNTY PROVIDING CONTRIBUTIONS TO THE HOUSING <br />TRUST OF SANTA CLARA COUNTY <br />RECOMMENDATION: <br />1. Adopt the attached resolution (Attaclunent 1): <br />2. Authorizing the Executive Director to execute an agreement between the Redevelopment <br />Agency (RDA) and the Housing Trust of Santa Clara County (HTSCC) (Attachment 2), and <br />authorizing affordable housing contributions of $150.,000 for two .years ($300,000 total <br />contribution) to the HTSCC to leverage funding for developers of affordable housing <br />projects and to fund the First Time Home Buyer's Program within Los Gatos. <br />BACKGROUND: <br />The Housing Trust of Santa Clara County is apublic/private partnership dedicated to building and <br />sustaining a revolving loan fund and grant malting program that will complement and leverage other <br />housing resources throughout Silicon Valley. Major community, business and goverrnnent leaders <br />have joined together to address the gap between rapid new job creation and affordable, available <br />housing within Santa Clara County. <br />The Housing Trust Fund serves three purposes on an equal basis: <br />• Low interest down payment/closing costs for first time home buyers <br />• Gap financing for affordable rental housing projects <br />• Funds to assist the homeless in attaining stable housing <br />PREPARED BY: ~~~WENDIE ROONEY, <br />REDEVELOPMENT DEPUTY DIRECTOR <br />Reviewed by: i°'~_Deputy Director <br />~Comrnunity Development <br />Counsel Secretary ~c=_Finance <br />Revised: 6/15/10 3:09 PM <br />Reformatted: 5/30/02 <br />
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