The City shall consider options for allocating a portion of unrestricted City General Funds received as part of a one-time distribution of liquidated Low-Moderate Income Housing Trust Funds of the former Redevelopment Agency (aka “Boomerang funds”) for the development of affordable housing, and shall adopt a resolution regarding the use of these funds.
The City continues to explore different funding mechanisms to finance affordable housing, including the use of Boomerang funds. However, the adoption of those mechanisms has been limited by the full recovery of the local economy. However, the City awarded $28.6 million in local housing funds to incentivize the development of affordable housing. The City utilized Hayward Housing Authority Funds, Inclusionary Housing Funds, HOME funds, and Hayward's allocation of Alameda County's Measure A1 bond funds. Since the last NOFA, the City has collected $4 M in Affordable Housing in-lieu fees. The City plans to award these funds to affordable housing projects in 2021.