5 16-1322 Subject: Measure KK-Affordable Housing Projects
From: Housing And Community Development Department
Recommendation: Adopt A Resolution Amending Resolution No.XXXXX C.M.S, Which Identified Affordable Housing Programs For Funding Out Of The Measure KK General Obligation Bond And Allocated $50 Million In Funding To Those Programs, To Increase The Bond Amount For Affordable Housing To $55 Million And Allocate The Additional Funds To Affordable Housing Programs
As a resident of Oakland, I must support Measure KK. At a time when there is a dire crisis with long term residents facing epic levels of housing insecurity, which leads to a cycle of institutional violence against those most susceptible to having fewer access to resources, this is one step towards supporting those that have long been a fabric of this city, that have crafted its vitality and warmth. The lack of action on behalf of our elected officials, local businesses that do not pay their fair share of taxes, and get needless business deals plus land owners for profit taking advantage of citizens, I hope this is a first step towards taking care of all of Oakland's citizens, and living up to the promise of a true sanctuary city.
The increase in funding is absolutely critical; however, this is one time funding. As a result its critical that the City of Oakland prioritize permanent affordability in projects funded by Measure KK dollars. 55 year requirements while an representing longer-term affordability than typical in programs including LIHTC is not an efficient use of the limited funds. The City of Oakland should ideally be spending $40-60 million annually to meet growing needs for affordable housing development and preservation. Given that our City leader's have taken no steps to allocate sufficient annual funding, existing resources must be maximized. Prioritizing permanent affordability is the only way to guarantee limited government resources are used to effectively to help minimize the crisis of limited affordability in Oakland.
As a resident of Oakland, I must support Measure KK. At a time when there is a dire crisis with long term residents facing epic levels of housing insecurity, which leads to a cycle of institutional violence against those most susceptible to having fewer access to resources, this is one step towards supporting those that have long been a fabric of this city, that have crafted its vitality and warmth. The lack of action on behalf of our elected officials, local businesses that do not pay their fair share of taxes, and get needless business deals plus land owners for profit taking advantage of citizens, I hope this is a first step towards taking care of all of Oakland's citizens, and living up to the promise of a true sanctuary city.
The increase in funding is absolutely critical; however, this is one time funding. As a result its critical that the City of Oakland prioritize permanent affordability in projects funded by Measure KK dollars. 55 year requirements while an representing longer-term affordability than typical in programs including LIHTC is not an efficient use of the limited funds. The City of Oakland should ideally be spending $40-60 million annually to meet growing needs for affordable housing development and preservation. Given that our City leader's have taken no steps to allocate sufficient annual funding, existing resources must be maximized. Prioritizing permanent affordability is the only way to guarantee limited government resources are used to effectively to help minimize the crisis of limited affordability in Oakland.