Metro - File #: 2015-1588

• File #: 2015-1588
• Type: Program
• Status: Filed
• File created: 10/7/2015
• In control: Executive Management Committee
• On agenda: 1/21/2016
• Final action: 1/21/2016
• Title: RECEIVE AND FILE updates on Metro's Involvement in Affordable Housing.
• Sponsors: Planning and Development (Department)
• Indexes: Affordable Housing and Sustainable Communities Program, Board approved a Motion, Boyle Heights, Cap-and-Trade, Central Los Angeles subregion, City of Los Angeles, Eric Garcetti, Housing, Joint development, Joint Development Policy, Macarthur Park, Memorandum Of Understanding, Motion / Motion Response, Payment, Preservation, Program, Project, Purchasing, San Fernando Valley subregion, South Bay Cities subregion, Transit Oriented Community, Transit Oriented Development, Westlake, Westside Cities subregion, Westside/Central Service Sector
• Related files: 2016-0066

Date	Action By	Action	Result
1/21/2016	Executive Management Committee

Meeting_Body
EXECUTIVE MANAGEMENT COMMITTEE
JANUARY 21, 2016

Subject/Action
SUBJECT: METRO'S INVOLVEMENT IN AFFORDABLE HOUSING

ACTION: RECEIVE AND FILE UPDATES ON ADDITIONAL AFFORDABLE HOUSING

Heading
RECOMMENDATION

Title
RECEIVE AND FILE updates on Metro's Involvement in Affordable Housing.

Discussion
DISCUSSION

In March of 2015, the Metro Board of Directors approved a motion (Attachment A) directing staff to report back on several actions that support affordable housing creation and preservation around transit. Two of those actions were implemented through amendments to the Metro Joint Development (JD) Policy, authorized in July of 2015.

This report discusses the status of additional actions and projects:

* Proposed structure of a Transit Oriented Communities Loan Program
* Development of Memoranda of Understanding with local municipalities
* Analysis of the efficacy of the new Joint Development land discounting policy
* Metro Joint Development affordable housing projects currently in progress
* Affordable Housing Pass Program

Transit Oriented Communities Loan Program

As directed in the March motion, staff has worked with the California Community Foundation, Low Income Investment Fund, and Enterprise Community Partners in order to develop the structure of the housing portion of a Transit Oriented Communities Loan Program (TOCLP), to create and preserve affordable housing around transit. The details of the fund are described in Attachment B, and are summarized below. In addition, Metro is working with LA County Community Development Commission (CDC) to create a structure for the small business portion of the TOCLP.

TOCLP - Housing

The aim of this program is to stabilize neighborhoods with Metro transit investments where increasing housing prices and rents may be causing economic dislocation. The program will assist by creating new affordable housing projects and preserving existing, naturally-occurring lowe...