File #: File ID 18820    Version: 1 Name:
Type: Agenda Item Status: Approved
File created: 5/21/2025 In control: Board of Supervisors
On agenda: 6/3/2025 Final action: 6/3/2025
Title: Affordable Housing Appropriations for Fiscal Year (FY) 26 Discussion/Direction/Action: Directing the County Administrator to increase the budget for Affordable Housing for Fiscal Year 2025/26 (FY26) from the current $5M to $8.5M, with the additional $3.5M coming from expenditure savings and/or additional revenues/account balances realized elsewhere in the budget as we close out FY25 and/or expenditure reductions elsewhere in the FY26 Final County Budget. Of note, this is the amount of additional revenue for Affordable Housing ($3.5M) that would have been raised by an additional 3 cents in the Primary Property Tax Rate this coming year, but this proposal keeps the property tax rates exactly where they are as per the Adopted Tentative Budget adopted by the Board of Supervisors on May 20, 2025. The entire $8.5M budget for Affordable Housing for FY26 shall go to the Regional Affordable Housing Commission for their thoughtful deliberation and recommendations as to specific allocations with...
Attachments: 1. BOS_AffordableHousingAppropriationforFY26_Dist2Submittal, 2. BOS_AffordableHousingAppropriationforFY26_CommLtr_6-3-25_Redacted

Title

Affordable Housing Appropriations for Fiscal Year (FY) 26

Discussion/Direction/Action: Directing the County Administrator to increase the budget for Affordable Housing for Fiscal Year 2025/26 (FY26) from the current $5M to $8.5M, with the additional $3.5M coming from expenditure savings and/or additional revenues/account balances realized elsewhere in the budget as we close out FY25 and/or expenditure reductions elsewhere in the FY26 Final County Budget. Of note, this is the amount of additional revenue for Affordable Housing ($3.5M) that would have been raised by an additional 3 cents in the Primary Property Tax Rate this coming year, but this proposal keeps the property tax rates exactly where they are as per the Adopted Tentative Budget adopted by the Board of Supervisors on May 20, 2025.

 

The entire $8.5M budget for Affordable Housing for FY26 shall go to the Regional Affordable Housing Commission for their thoughtful deliberation and recommendations as to specific allocations within both Gap Funding for Affordable Housing development/preservation and programs to keep people housed. The Commission’s recommendations shall come to the Board of Supervisors for final approval - first, the recommendation regarding how much of the FY26 Appropriation to devote to existing County/partner programs that keep people housed vs. to Gap Funding (by early Fall); and second, the specific recommended projects for Gap Funding awards (by January 31, 2026). (District 2)