§ 4.54.210. Prioritization of program funding.

The top priority for the City's affordable housing bond funds will be helping those who are homeless and protecting vulnerable Oaklanders from being displaced from their homes.

If both the County housing bond measure and the City bond measure pass in November, 2016, the County bond's approximately $89 million in Oakland proceeds will be used for new construction of affordable housing projects and other eligible expenditures, while the City's affordable housing bond funds will be used only for acquisition, preservation, and/or rehabilitation projects that protect existing affordable housing and bring other existing housing stock under affordability protection. These restrictions on the use of the City's affordable housing bond funds will apply for the first three years from the date of bond measure passage. Notwithstanding the above, the City's affordable housing bond funds may be used to match County bond funds on new construction affordable housing projects irrespective of the three-year restriction.

If the County housing bond does not pass in November 2016, the Council shall determine the most appropriate mix of eligible expenditures to address anti-displacement and long-term affordability goals. Additionally, if, after three years from the date of County bond passage, market conditions or the availability of properties causes rehabilitation and preservation efforts to slow, the Council shall determine the appropriate mix of eligible expenditures to address anti-displacement and long-term affordability goals at that time.

The order of priority in spending the City's affordable housing bond funds shall be as follows:

(a)

The first priority shall be the acquisition, preservation and/or rehabilitation of affordable housing.

(b)

If the County housing bond measure does not pass, the next priority shall be the development and construction of new affordable housing projects.

(c)

If the County housing bond measure passes, the City's affordable housing bond funds shall be used only for acquisition, preservation, and/or rehabilitation of affordable housing projects, or for new construction of affordable housing only as a match for County bond funds, for the first three years from the date of bond measure passage. Thereafter, the City's affordable housing bond funds may be used for development and construction of new affordable housing projects whether or not the City is matching County bond funds, but the first priority shall continue to be the acquisition, preservation and/or rehabilitation of affordable housing.

(Ord. No. 13403, § 2, 11-29-2016)