Preserving Affordable Rents
The preservation of existing affordable housing is as critical as creating and incentivizing the production of new affordable housing. Developing preservation strategies are crucial to prevent a net loss of affordable housing, particularly given the city’s rapidly transforming neighborhoods. The PP&R unit addresses policy preservation issues through HCIDLA’s Affordable Housing and Preservation Program (AHPP).
Much of the restricted affordable housing in the City receives rental assistance contracts and/or financing from various federal, state and local programs. These programs provide rental assistance and/or special financing for developments that provide affordable housing units and subsidize rents for a mandated time period (affordability period). At the end of this affordability period, rental restrictions expire and property owners have the option to opt-out of the affordable housing programs after meeting certain requirements.
Through its Affordable Housing Preservation Program (AHPP), the HCIDLA creates and implements non-financial strategies to extend and preserve affordable housing at-risk of losing its affordability restrictions by:
Managing the City’s affordable housing inventory ̶ Affordable Housing Database (AHD) ̶ to track the conversion of affordable housing to market rate housing due to expiration and termination of affordability restrictions.
Assisting property owners, tenants and developers in identifying options and resources to preserve or extend existing affordable housing stock.
Monitoring and enforcing the California State Notice of Intent requirement law that applies to housing with pending expiration/ termination of affordability restrictions.
Supporting citywide and inter-agency efforts to share information, develop preservation action plans, policy development and preemptive efforts to protect the City’s affordable housing stock.
Developing at-risk affordable housing data reports, geospatial analysis and providing research and information on at-risk housing and as well as possible preservation opportunities.
Developing preservation strategies and monitoring preservation regulations and legislation.
Leveraging resources to enhance program preservation program initiatives.