DEPARTMENT: Neighborhood and Housing Services
DEPARTMENT HEAD: Ver?nica R. Soto, AICP
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
Briefing of the Risk Mitigation Policy update
SUMMARY:
The purpose of the Risk Mitigation Policy is to establish the guidelines and eligibility by which the risk mitigation fund can be used to provide relocation and emergency assistance to residents who may experience displacement.
BACKGROUND INFORMATION:
The FY 2019 Adopted Budget includes $25 million of general fund money for Affordable Housing initiatives including $17 million in new funding. The budget includes $11.7 million for housing preservation and repair, $3.2 million for homebuyer assistance, $1.4 million to develop a coordinated housing system, $7.7 million for gap financing, and a $1 million risk mitigation fund.
While the purpose of this policy is to assist residents who have been displaced, the City has an approach to prevent displacement that will be implemented as part of the 10-year Affordable Housing Business Plan. The City's approach will leverage rehabilitation and preservation funding to target rental properties in need of repair, rehabilitation, and preservation in order to prevent families from becoming displaced because of redevelopment. The Affordable Housing Business Plan also allows for an outreach campaign to target vulnerable populations and share information regarding homeownership, fair housing, and available programs to keep residents housed.
The Risk Mitigation policy was reviewed by the Comprehensive Plan Committee (CPC) on December 12, 2018 and again on January 16, 2019. The CPC recommended that staff receive additional public feedback. In response, staff released an online and paper survey, held five rather than three community input meetings, held 10 stakeholder meetings, and posted the draft framework on the Department's website in order to afford accessibility for all groups involved and collect meaningful input from the...
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