Meeting_Body
EXECUTIVE MANAGEMENT COMMITTEE
AUGUST 18, 2016
Subject/Action
SUBJECT: METRO'S INVOLVEMENT IN AFFORDABLE HOUSING
ACTION: AUTHORIZE INVESTMENT IN HOUSING AND SMALL BUSINESS TRANSIT ORIENTED COMMUNITIES LOAN PROGRAMS
Heading
RECOMMENDATION
Title
AUTHORIZE:
A. investing $9,000,000 in the Metro Affordable Transit Connected Housing Program (Metro MATCH) as described in the Metro MATCH Investment Plan and $1,000,000 in a Transit Oriented Community (TOC) Small Business Program to be managed by the Community Development Commission of Los Angeles County (CDC) by establishing a $10,000,000 Life-of-project budget as empowered by the Board's September 2015 motion (Attachment A);
B. the CEO or his designee to execute necessary agreements in support of Metro MATCH investment and with the CDC in support of the TOC Small Business Program.
Issue
ISSUE
In September 2015, the Metro Board of Directors approved a motion (Attachment A) directing staff to take several actions in support of investing $10,000,000 in transit oriented affordable housing and small business loan programs including the allocation of $2,000,000 per year for 5 years. As directed by the Board, staff has worked with a consortium led by the California Community Foundation (CCF) and the Low Income Investment Fund (LIIF) and including Enterprise Community Partners (ECP) to negotiate terms and conditions for investing in Metro Affordable Transit Connected Housing Program (Metro MATCH), focused on funding affordable housing preservation and new development. In addition, Staff has identified the Community Development Commission of the County of Los Angeles (CDC) as a partner to implement a Transit Oriented Communities (TOC) Small Business Program. In the course of these negotiations, staff has identified some changes needed to the funding account and timeline previously recommended to the Board. The recommended actions will allow Metro to invest funding for these programs and to execute th...
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