Question # 44: What would be the impact of extending beyond the non-profit residual receipt payment waiver for affordable housing beyond FY 2023?

Page updated on Apr 9, 2021 at 5:33 PM

Question:

What would be the impact of extending beyond the non-profit residual receipt payment waiver for affordable housing beyond FY 2023? (Councilman Chapman)


Response:

An exact number is hard to project since loan payments are based on residual receipts reviewed on an annual basis, but the expectation is that only a small number of properties fall into the category proposed for qualification.  Staff projects a loss of loan payment revenue to the City of around $30,000 a year. With rent payments evening out again, assuming a post-pandemic housing and economic/jobs recovery over the next two years, the expectation is that the waiver would not be needed for the purpose it was designed after FY 2023.

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