Presentation on theme: "City of South Lake Tahoe Housing Element Update Deemed Compliant by HCD 12-2003 Summary for LAFCO September 28, 2005."— Presentation transcript:
City of South Lake Tahoe Housing Element Update Deemed Compliant by HCD Summary for LAFCO September 28, 2005
Status of Meeting the City’s Share of SACOG’s Regional Housing Needs New Construction Rehabilitation Total to Date Objective Very low-Income Low-Income Moderate-Income30100 Above-Moderate
Housing Rehabilitation Program
Housing Rehabilitation Loans Awarded $3 Million in Grants Loans of $2.5 Million 50 Recipients Since 1995 $457,000 in Loan Repayments Loan Portfolio Over $1 Million
Housing Rehabilitation Program June 2001 – June Units (all SFD’s) June June Units (all SFD’s) June 2003 – June Units (all SFD’s) June 2004 – June Units (1 SFD, 1 mobilehome) Cost and complexity of rehabilitation projects is increasing; the grant money is not funding as many projects as in the past!
ExistingProposed Floor Plans
First-Time Homebuyer Program
FTHB General Guidelines Low Income - 80% of Median Income 1-Person$35,900 2-Person$41,000 3-Person$46,150 4-Person$51,300 5-Person$55,400 6-Person$59,500
FTHB Program June 2001 – June Units June June Units June 2003 – June Units June 2004 – June Unit (purchased for $231,000) Maximum Loan Amount - $150,000 2% Deferred Loan for 45 Years 2005 Maximum Purchase Price - $375,000 House Payments 30-37% of Gross Income Assumable Loan if Sold to another FTHB
Affordable Rental Housing New Construction and Rehabilitation Projects
New Rental Project Approvals June 2001 – June 2002 None June June Units (Sky Forest Acres (formerly Emerald Bay Estates), 14 one-bedroom and 4 two-bedroom units for people with disabilities, all Very Low Income) June 2003 – June Units (Evergreen Apartments, 24 two-bedroom and two three- bedroom units and Marjorie Street, a one bedroom unit – all low- income) June 2004 – June Units (Sierra Recovery Center Motel Conversion to deed restricted Affordable Housing; 7 multi-person style units [x 2.5 persons per unit], plus Manager’s Quarters)
Previously Completed Projects Tahoe Pines Apts. 28 units for families Tahoe Valley Townhomes 70 units for families Tahoe Senior Plaza 45 units for seniors Bijou Woods Apts. 92 units for families
Monitoring Requirements After units are deed restricted, they are annually monitored: On-site Inspection of Interior and Exterior Compliance with Rent and Income Limits Review of Lease Terms Affirmative Marketing
Other Proposed Projects New Senior Housing Project on Herbert and Pioneer – funding requested, Design Review application not yet submitted Sierra Garden Apartments: Rehabilitation of 76 units for individuals and small families (approved)
Other Recent Actions Condominiumization of Existing Residential Development. Amendment to Section of the South Lake Tahoe City Code adopted October 19, Ordinance No Provided new opportunities to create ownership deed restricted housing units. Motel Conversion to Deed Restricted Affordable Housing and Bonus Unit Substitution Standards. Amendment to Section of the South Lake Tahoe City Code adopted November 16, Ordinance No Developed the standards for deed restricted affordable housing units resulting from motel conversions and through bonus unit substitution. Multiple Family Dwelling Inspection and Maintenance Program. Enactment of Chapter 14A of the South Lake Tahoe City Code adopted November 16, Ordinance No Created the multifamily inspection program and funding mechanism for the same.
Moderate-Income Housing No Moderate-Income units created to date Council approved a moderate-income housing program on July 5, 2005 Expectation is that the private sector will create these units
What about annexation? Program 7:Assess the desirability and feasibility of annexation if needed to provide additional lands with capability to accommodate housing needs/demands. Responsible Party: City Senior Staff Funding: Staff time Timeframe: Long-term Expected Outcome: If needed, additional sites for housing development.