Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
MAY 20, 2020
Subject
SUBJECT: METRO AFFORDABLE TRANSIT CONNECTED HOUSING PROGRAM
Action
ACTION: APPROVE RECOMMENDATIONS
Heading
RECOMMENDATION
Title
CONSIDER:
A. APPROVING revisions to the Metro Affordable Transit Connected Housing Program (MATCH Program), as further described in Attachment A; and
B. AUTHORIZING the CEO or his designee to execute necessary agreements and amendments to agreements related to the MATCH Program.
Issue
ISSUE
Revisions to the MATCH Program are needed to expand flexibility and deployment of funds to support affordable housing. In August 2016, the Metro Board of Directors approved investing $9,000,000 into the MATCH Program. After three years of implementing the MATCH Program, and in response to recent economic shock resulting from the COVID-19 health crisis, staff has identified several opportunities to improve the MATCH Program and maximize the deployment of resources to support the development and preservation of affordable housing units in Los Angeles County.
Background
BACKGROUND
The MATCH Program's primary goal is to help neighborhoods near transit that are experiencing rising housing costs, resulting in the potential displacement of low-income households. When the Program was developed in 2016, it was envisioned that this goal would be achieved through two types of loans:
* Predevelopment Loan: Metro provides predevelopment financing for new affordable housing projects. Experienced developers with site control typically finish construction within 2-3 years of the predevelopment loan closing.
* Housing + Transportation (H+T) Loan: In the short term, the H+T Loan assists property owners/investors/developers to keep rents low in existing multi-family buildings that are near transit. In the long term, the H+T loan is meant to assist the property owners/investors/developers in redeveloping the sites at a higher density and affordable rents.
MATCH LLC was formed in 2...
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