Land Bank Authority Affordable Housing Fund Request
At a glance
What: the Land Bank Authority's request for $5 million from the city's Affordable Housing Fund to partner on acquisitions and affordable development.
Where it stands: the fund board (about $10.5 million investable) sent questions on assurance of affordability, covenants, units, timing and a smaller partnership; the Authority met without a quorum on October 21.
Next: the fund board meets November 4 and will send a written response; its December action sets how much goes into the annual community development process.
Staff presented the Authority's portfolio (20 parcels available, 18 optioned, 14 sold) and its $5 million ask; the Affordable Housing Fund balance is about $11.5 million, with the fund board aiming for a December decision. The Mayor said the Authority has only about $100,000 and needs capital. See also Emerging Developers Grant Program.
Staff relayed the fund board's questions; members suggested a stop-loss provision, a loan and grant mix, and early engagement with the school district. No specific acquisition is pending.