| Item Title: | Addition of Exhibit D to the Memorandum of Understanding regarding Employee Housing and Pass-Through Funds Between the District and the Housing Authority of the City of Alameda (Consent/Action) | | Item Type: | Action | | Background: | Currently, the county is custodian of a sum of money earmarked for use by AUSD in developing affordable housing. AUSD is entitled to this revenue pursuant to a 1991 pass-through agreement with the City’s former redevelopment authority. Under the terms of the agreement, the pass-through funds can only be used to develop low- or very low-income affordable housing units. The pass-through revenue has proved insufficient to allow AUSD to finance its own affordable housing projects, and the low- and very low-income restrictions on the funds would exclude many AUSD employees from eligibility for the units if built.
AUSD and the Housing Authority signed an MOU on May 22, 2018, which grants the HA access to the pass-through funds to help finance affordable housing developments. The HA, in turn, sets aside units in those developments for AUSD employees. Concurrently, the City amended its inclusionary housing regulations to grant AUSD employees an additional preference point that would help eligible AUSD employees access new moderate-income housing citywide. This would allow the pass-through funds to be used to build new affordable housing that benefits the entire community while also allowing the largest possible share of AUSD employees to become eligible for access to that housing.
While the MOU contemplated an ongoing agreement, it only described in detail the payments for the 16-17 through 18-19 years. The Attached Exhibit D details the proposed payments summarizes the proposed Pass-Through for the 19-20 years, plus funds earmarked in future years for the 78 unit Rosefield Village development which will require multiple years of funding to complete. Board approval of this item would authorize the District to proceed with the funding of the listed projects consistent with the MOU | | AUSD LCAP Goals: | | | Fund Codes: | | Fiscal Analysis
Amount (Savings) (Cost): |
Because the funds are held by the County, there is no material change to the District's budget. District would receive small service fee to cover administrative costs of MOU. | | Recommendation: | Approve as submitted. | | | | AUSD Guiding Principle: | #5 - Accountability, transparency, and trust are necessary at all levels of the organization.| #6 - Allocation of funds must support our vision, mission, and guiding principles. | | Submitted By: | Chad Pimentel, General Counsel |
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