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CC:HA - (1) Discussion of New Affordable Housing Programs and Incentives; and (2) Direction to City Manager/Executive Director as Deemed Appropriate.
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Meeting Date: March 12, 2018
Contact Person/Dept: Tevis Barnes, CDD/ Housing Division
Sol Blumenfeld, CDD
Phone Number:
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Public Hearing: [] Action Item: [X] Attachments: Yes [X] No []
Commission Action Required: Yes [] No [X] Date:
Commission Name:
Public Notification: (E-Mail) Meetings and Agendas - City Council (03/06/18); St. Joseph Center (02/06/18); Upward Bound House (02/06/18); Committee on Homelessness (01/ 17/18); and Landlord Tenant Mediation Board (01/31/18).
Department Approval: Sol Blumenfeld, Community Development Director/ Assistant Executive Director, Housing Authority (02/12/18)
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RECOMMENDATION
Staff recommends the City Council and Housing Authority Board (1) discuss the proposed affordable housing programs and incentives; and (2) provide direction to City Manager/Executive Director as deemed appropriate.
BACKGROUND:
With the elimination of redevelopment, the City Council has expressed interest in examining alternatives for incentivizing the production of low, moderate and workforce housing in the City in order to address the problem of housing affordability. The median home value of a two bedroom, single family home is $1,055,100 and the median sales price of a two bedroom single family is $825,300. The median price of a home sold five years ago (2013) was $595,000 which reflects an increase of 38.66% over the last five years. This average price far exceeds federal and state standards for affordability which are set at $129,700 for a low income household and $280,000 for a moderate income household. In Culver City, a two bedroom unit rents...
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