Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
JANUARY 15, 2020
EXECUTIVE MANAGEMENT COMMITTEE
JANUARY 16, 2020
Subject
SUBJECT: METRO AFFORDABLE HOUSING POLICIES AND TOOLS
Action
ACTION: APPROVE RECOMMENDATION
Heading
RECOMMENDATION
Title
A. RECEIVE AND FILE Metro Affordable Housing Policies and Tools; and
B. ADOPT the proposed amendments to the 2020 State Legislative Program Goals.
Issue
ISSUE
Housing undersupply and affordability continues to worsen and homelessness continues to increase in Los Angeles County. In an effort to help address these crises, Metro Joint Development plans to undertake a thorough and thoughtful examination of its policies to assess what Metro could do to address the deepening crisis, particularly through the Joint Development program policy and process. Thoughtful consideration of the potential policy enhancements is needed to ensure that development is feasible and preserves Joint Development program's community-focused approach.
Background
BACKGROUND
At its July 2015 meeting, the Metro Board adopted an updated Joint Development Policy, which, among other things, established a goal that 35% of the housing units in Metro's joint development portfolio be affordable to residents earning 60% or less than the Area Median Income for Los Angeles County, as established by the US Department of Housing and Urban Development. In an effort to provide further subsidy to support such affordable housing, the 35% goal was supported by a corollary provision that allows proportional discounts (up to 30%) to the fair market/rental value of Metro-owned property used for joint development purposes.
Prior to the adoption of the new affordable housing goal, approximately 29% of housing units in Metro's joint development portfolio were affordable. Since adoption of the new policy, the percentage of completed affordable units has increased to approximately 34%, and should increase to 36% when projects that are currently in negotiations ...
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