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Title:
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Resolution determining and declaring that the public interest and necessity demand the construction, reconstruction, development, acquisition, improvement, rehabilitation, preservation, and repair of rental affordable housing projects, and the expansion of homeownership opportunities through the Downpayment Assistance Loan Program, and related costs necessary or convenient for the foregoing purposes; to be financed through bonded indebtedness in an amount not to exceed $300,000,000; authorizing landlords to pass-through 50% of the resulting property tax increase to residential tenants under Administrative Code, Chapter 37; providing for the levy and collection of taxes to pay both principal and interest on such bonds; affirming a determination under the California Environmental Quality Act; and finding that the proposed Bond is consistent with the General Plan, and with the eight priority policies of Planning Code, Section 101.1.
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