pages: OaklandRedevelopmentSuccessorAgencyandtheCityCouncil/2016-11-01.pdf, 18
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OaklandRedevelopmentSuccessorAgencyandtheCityCouncil | 2016-11-01 | Concurrent Meeting of the Oakland Meeting Minutes - FINAL November 1, 2016 Redevelopment Successor Agency and the City Council 12 Subject: Infrastructure Bond Affordable Housing Enabling Ordinance From: Office Of The City Administrator Recommendation: Adopt An Ordinance Amending The Oakland Municipal Code To Enact The City Of Oakland Affordable Housing And Infrastructure Bond Law, Which Provides For Issuance Of General Obligation Bonds To Fund The Affordable Housing Program And Other Purposes Described Herein 16-0340 Attachments: View Report View Report Supplemental Report Supplemental Report 13403 C.M.S Proof Of Publication 13403 CMS There were 6 speakers on this item. The amendments are as follows: 1. To section 4.54.040, under the title "General Powers" to add language to read: "E. To establish a Public Oversight Committee to assure fair and equitable distribution of bond funds, comprised of 9 members, one member appointed by each councilmember and one appointed by the Mayor. G (to become F). To broadly advertise availability of the bond programs. H (to become G). To report semi-annually to the City Council on expenditures and programs related to the Bond.' 2. To section 4.54.070, modify the second paragraph, last sentence to read: "Proceeds of the bonds may be used to pay or reimburse the City for the costs of City staff for performance of tasks necessary and incidental to the Housing portion of the bond projects but no greater than 5% of the Bond proceeds." 3. To section 4.54.200, modify the second paragraph, third sentence to read: "Additionally, it prioritizes strategies that increase the supply of affordable housing for those households most vulnerable to displacement, including extremely low income renters, and limited income seniors, veterans, and people with disabilities.' 4. To section 4.54.230, to modify the second paragraph, FIRST SENTENCE to strike language reading "VERY LOW INCOME HOUSING AND/OR"; SECOND SENTENCE to strike language reading "HAVE A PROGRAM WIDE GOAL OF" AND replacing the word "SPENDING" TO "SPEND" and striking the language reading "VERY LOW INCOME HOUSEHOLDS AND/OR" : adding language to read: "This requirement must be satisfied for and will be applied against the entire authorized affordable housing bond amount but, in order to allow the expeditious awarding of funds, does not necessarily have to be achieved for any single project or program. This 20 percent requirement may be waived by the City Administrator by returning to Council if, after five years from the issuance of the first bond, the City Administrator determines that there is a reasonable chance that the 20 percent set aside for extremely low income housing may not be spent. " City of Oakland Page 18 Printed on 12/28/2016 | 18 | OaklandRedevelopmentSuccessorAgencyandtheCityCouncil/2016-11-01.pdf |