HomeMy WebLinkAbout22081 - RESOLUTIONS - 10/24/2007RESOLUTION NO. 22081
A RESOLUTION OF THE CITY COUNCIL OF THE. CITY OF
PALM SPRINGS, CALIFORNIA, SUPPORTING
REGULATORY CHANGES TO THE LOW INCOME
HOUSING TAX CREDIT PROGRAM CREATING
CONSISTENCY WITH THE REGIONAL HOUSING NEEDS
ASSESSMENT PROCESS.
WHEREAS, the California Tax Credit Allocation Committee (TCAC) has established ten
(10) geographic regions and allocated a percentage of available low income housing tax
credits to each region; and
WHEREAS, the counties of Riverside, San Bernardino and Imperial are grouped
together to form one of the ten regions defined as the Inland Empire region; and
WHEREAS, the current Inland Empire population is 4,186,436 residents; and
WHEREAS, the Inland Empire regional population represents 11.5% of the current
statewide population; and
WHEREAS, the Inland Empire region receives only 8% of the geographic Low Income
Housing Tax Credit (LIHTC); and
WHEREAS, the current regulations of the LIHTC Program unjustly disadvantage the
Inland Empire region with a disproportionate allocation of low income housing tax
credits by geographic areas; and
WHEREAS, the United States Census ranks Riverside County with the greatest
numerical increase in population over the past six years; and
WHEREAS, the United States Census ranks Riverside County as within the top 100
fastest growing counties nationwide and with the greatest numerical increase in
population of the same 100 fastest growing counties; and
WHEREAS, every other county in the State of California with a current population of
2,000,000 or more has a geographic region of its own, and
WHEREAS, the United States Census estimates the current Riverside County
population to be 2,023,803 as of July 1, 2006; and
WHEREAS, the current regulations of the Low Income Housing Tax Credit Program
unjustly disadvantage Riverside County by grouping it within the Inland Empire region
creating competition for the already disproportionately low allocation to the Inland
Empire region; and
Resolution No. 22081
Page 2
WHEREAS, Regional Housing Needs Assessment (RHNA) obligates Riverside and San
Bernardino counties to build the highest per capita quantity of affordable housing in
Southern California; and
WHEREAS, RHNA projects housing demand based on forecasted population growth
within a housing element planning period, while the California Tax Credit Allocation
Committee (TCAC) assigns tax credits based on existing concentration of poverty; and
WHEREAS, the RHNA housing production obligation and the Low Income Housing Tax
Credit Program allocation formula work in contradiction with each other; and
WHEREAS, the Riverside County wishes to effect compliance with the RHNA housing
production obligation; and
WHEREAS, the Low Income Housing Tax Credit Program is the most viable source of
primary funding for the production of affordable housing; and
WHEREAS, the City urges local and state legislators to also support regulatory changes
to the Low Income Housing Tax Credit Program so as to align the allocation of Low
Income Housing Tax Credits with the RHNA requirements for the production of
affordable housing.
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY RESOLVE
TO SUPPORT REGULATORY CHANGES TO THE LOW INCOME HOUSING TAX
CREDIT PROGRAM SO AS TO ALIGN THE ALLOCATION OF LOW INCOME
HOUSING TAX CREDITS WITH THE RHNA REQUIREMENTS FOR THE
PRODUCTION OF AFFORDABLE HOUSING.
ADOPTED this 241h day of October, 2007.
David H. Ready, City Eger
ATTEST:
mes Thompson, City Clerk
Resolution No. 22081
Page 3
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS)
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 22081 is a full, true and correct copy, and was duly adopted at an
adjourned meeting of the City Council of the City of Palm Springs on the 24th day of
October, 2007, by the following vote:
AYES: Councilmember Foat, Councilmember McCulloch, Councilmember Mills,
Mayor Pro Tem Pougnet, and Mayor Oden.
NOES: None.
ABSENT: None.
ABSTAIN: None.
ames Thompson, City Clerk
ity of Palm Springs, California