...Title
Proposed Changes to the Spending Priorities and Percentage Allocations Measure E Real Property Transfer Taxes.
...Recommendations
(a) Hold the second of two public hearings regarding proposed changes to the spending priorities and percentage allocations of real property transfer tax revenues as described under Section 22 of City Council Policy 1-18.
(b) Accept the staff report and adopt a resolution amending Council Policy 1-18, Operating Budget and Capital Improvement Program Policy, to make the following changes to the spending priorities and percentage allocations of real property transfer tax revenue set forth under Section 22, Real Property Transfer Tax Revenues, to modify the category names and percentage allocations to:
(1) 40% for creation of new affordable housing for extremely low-income households;
(2) 30% for creation of new affordable housing for lower-income households;
(3) 5% for creation of new affordable housing for moderate-income households;
(4) 10% for homeless prevention and rental assistance; and
(5) 15% for homeless support programs including shelter construction and operations.
PLEASE NOTE: APPROVAL OF THIS RESOLUTION REQUIRES AFFIRMATIVE VOTES OF EIGHT MEMBERS (2/3) OF THE CITY COUNCIL. (Council Policy 1-18, Section 22(c)(2)).
CEQA: Not a Project, File No. PP17-008, General Procedure and Policy Making resulting in no changes to the physical environment. (Housing/City Manager)
[Continued from 4/12/2022 - Item 8.1 (22-486)]
PUBLIC HEARING, INCLUDING PUBLIC COMMENT, CLOSED ON 4/12/2022. NO PUBLIC COMMENT WILL BE TAKEN FOR THIS ACTION.