15-0768 1) An Ordinance Amending Chapter 15.68 Of The Oakland Municipal Code To (1) Allow Affordable Housing Trust Funds From Funds Distributed To The City Under Redevelopment Dissolution Laws To Be Used For Ownership Housing And Mortgage Assistance To Households With Incomes Up To 150% Of Area Median Income, And (2) Allow The Use Of Affordable Housing Trust Funds To Preserve Affordable Housing That Is At Imminent Risk Of Loss Due To Tax Defaults, Rent Increases, Demolition, Or Conversion To Other Uses; And
(Item #4) This proposal would change the rules for allocation of funds from the City's "Affordable Housing Trust Fund" (the fund was initially established to receive HUD grants and deposits from various fees and sources to develop housing for those not served by typical subsidy programs (meant to serve the needs of low and very low income persons with incomes generally from 15% to 50% AMI (area median income).
The question is then for which Oakland families above MacArthur Blvd with incomes of $140,250 is the change to 150% AMI intended to help ?
While households earning up to $140,000 have several means of financial assistance, the scarce resource of the Affordable Housing Trust Fund is the only source of financial assistance to households of low and very low income.
This proposed scheme is totally lacking ethical justification and must be rejected.
(Item #4) This proposal would change the rules for allocation of funds from the City's "Affordable Housing Trust Fund" (the fund was initially established to receive HUD grants and deposits from various fees and sources to develop housing for those not served by typical subsidy programs (meant to serve the needs of low and very low income persons with incomes generally from 15% to 50% AMI (area median income).
The question is then for which Oakland families above MacArthur Blvd with incomes of $140,250 is the change to 150% AMI intended to help ?
While households earning up to $140,000 have several means of financial assistance, the scarce resource of the Affordable Housing Trust Fund is the only source of financial assistance to households of low and very low income.
This proposed scheme is totally lacking ethical justification and must be rejected.
James Vann, 763-0142