6 16-1323 Subject: Measure KK Obligation Bonds
From: Oakland Public Works Department
Recommendation: Adopt The Following Pieces Of Legislation:
1) A Resolution Identifying And Approving Alternate Capital Improvement Projects That Are Authorized For Funding With Proceeds Of The City Of Oakland General Obligation Bonds (Measure KK), Series 2017A-1 And 2017A-2; AND
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 through mechanisms such as Community Land Trusts is the only way to guarantee limited government resources are used to effectively to help minimize the crisis of limited affordability in Oakland.
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 through mechanisms such as Community Land Trusts is the only way to guarantee limited government resources are used to effectively to help minimize the crisis of limited affordability in Oakland.