TO: Board of Supervisors
FROM: Supervisor Haschak and Supervisor Brown
MEETING DATE: May 7, 2019
DEPARTMENT CONTACT:
Sarah Dukett
PHONE:
463-4441
ITEM TYPE: Consent Agenda
TIME ALLOCATED FOR ITEM: N/A
AGENDA TITLE:
title
Approval of Transmission of Letter of Support for Assembly Bill 437 (Wood) - Move-In Loan Program
(Sponsors: Supervisor Haschak and Supervisor Brown)
End
RECOMMENDED ACTION/MOTION:
recommendation
Approve transmission of letter of support for Assembly Bill 437 (Wood) - Move-In Loan Program; and authorize Chair to sign same.
End
PREVIOUS BOARD/BOARD COMMITTEE ACTIONS:
Informational update regarding Assembly Bill (AB) 437 on April 23, 2019. No action was taken.
SUMMARY OF REQUEST:
AB 437 would establish the Move-In Loan Program for the purpose of providing grants to eligible nonprofit organizations to be used to provide no-interest loans to eligible applicants to afford the security deposit and first month's rent for a rental dwelling. Eligibility requirements for loan recipients would include a requirement that the income of the loan recipient is no greater than the area median income in which the rental dwelling is located.
There is a growing need for housing assistance for individuals that can meet the month-to-month needs of renting or owning a home, but the cost to get started is unattainable due to the rising cost of healthcare, student loan debt burden, stagnant wages, and other factors. This bill is one way to address the affordability of renting and provide an avenue to individuals to avoid homelessness by creating an interest free loan program that would cover the burdensome start-up cost associated with renting that can prevent individuals and families from securing rental housing.
AB 437 is consistent with the Livability section of the 2019 Legislative Platform support legislation and policy supporting affordable housing.
ALTERNATIVE ACTION/MOTION:
Do not approve letter and provide alternative dire...
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