Agenda - 09-09-2002 - 1 - Laserfiche WebLink

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a 2 During policy discussions, interest was expressed in land banking as an eligible activity in the County's Housing Bond Program. Land banking involves the acquisition of vacant parcels of land for future development although the actual proposed development or project is not known at the time of acquisition. The Affordable Housing Advisory Board (AHAB) is not prepared at present to recommend evaluation criteria for this activity. The Bond Policy Ad Hoc Committee of AHAB anticipates their work can be completed in the next 60-90 days, including an opportunity for public comment. This timeline should provide an opportunity for the.BOCC to review and approve evaluation criteria for land banking and authorize a Land Banking RFP before the end of 2002. In the interim, AHAB is recommending that 20% for the first phase of the initial $1.3 million in affordable housing bond dollars be reserved for land banking. Further, County support staff has suggested that the policy include a procedure for reallocation of bond funds should funds allocated be returned or unused. The Ad Hoc Committee will explore this issue in the next 60-90 days and make a recommendation at the same time the Land Banking Program is presented. FINANCIAL IMPACT: The approved Housing Bond Policy will govern the expenditure of$4 million dollars in Affordable Housing.Bond funds. The Affordable Housing Bond sale strategy includes the sale of approximately $1.3 million dollars each year for the next three years beginning in 2003. RECOMMENDATION(S): The Manager recommends that the Board receive and discuss the proposed policy revisions and offer comment and direction to the Affordable Housing Advisory Board and County staff.