Submitted by: Croslin
Submitting Department: Finance
Agenda Section: Discussion
Item Title:
title
FY23 Budget Amendment: Special Revenues Budget and Transfer of Funds from the Sale of City Property
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Suggested Action:
recommendation
For Discussion Only.
I move that the Mayor and Council amend the FY23 Special Revenues Fund Budget and approve the creation of the Hyattsville Affordable Housing Fund to include a transfer of $1,000,000, from General Fund Cash Reserves received from the sale of City property to cover anticipated expenditures associated with the creation of the Affordable Housing Fund to further affordable housing activities.
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Summary Background:
Hyattsville's Housing Action Plan was adopted in April 2021 and serves as the city's guiding strategic plan for housing in the City of Hyattsville over the next 10 years. It highlights the housing needs affecting Hyattsville's residents and outlines how the City of Hyattsville will create new and expanded local housing tools to help ensure Hyattsville residents can live in the city at all stages of life. The purpose of the Plan was to build greater awareness of housing needs among residents living in Hyattsville and equip the city-elected leaders, municipal staff, community members, and partners-with the tools to address these needs now and in the future.
The Plan, included the City Council's adoption of four (4) priority housing tools:
(1) Establish a dedicated local source of funding;
(2) Use public land to support local development goals;
(3) Create rent regulations;
(4) Expand tenant protections.
The intent of this Agenda item is to provide a seed local funding source for housing projects and programs to address housing needs and support housing policy implementation. Having a local dedicated source of funding will enable the City of Hyattsville to offer financing (such as gap financing) for housing development in the city limits or funding for local housing initiatives that support...
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