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File #: 2020-0208   
Type: Program Status: Agenda Ready
File created: 3/13/2020 In control: Planning and Programming Committee
On agenda: 5/20/2020 Final action:
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.
Sponsors: Planning and Programming Committee
Indexes: Construction, Coronavirus Disease 2019 (COVID-19), Diseases and medical conditions, Guidelines, Metro Equity Platform, Preservation, Program, Strategic planning
Attachments: 1. Attachment A - Revised MATCH Guidelines, 2. 2020-0208 MATCH Program PPT
Date Action ByActionResultAction DetailsMeeting DetailsAudio
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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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