City Council

19. Public Hearing to Consider Establishment of Additional Long-Term Affordability Covenants on City-Owned Rental Properties Rehabilitated with HOME Investment Partnerships Program Funds. RECOMMENDED MOTION: The staff advises that the City Council: 1. Conduct a public hearing to receive comments regarding the proposed establishment of a 55-year affordability covenant on the three City-owned, residential rental properties rehabilitated with federal HOME Investment Partnerships (HOME) program funds. 2. Following the public hearing, determine whether the establishment of a separate 55-year affordability covenant on the properties, in addition to the 15-year affordability period required under the HOME program, should be an objective of the City for these properties. 3. If the City Council elects to proceed, direct staff to prepare a 55-year affordability covenant for the properties, in a form approved by the City Attorney, and authorize the City Manager, or designee, to execute and cause the covenant to be recorded against the properties and to take all actions necessary to implement it.