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