CC Resolution 2007-106
RESOLUTION NO. 2007-106
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA SUPPORTING REGULATORY CHANGES TO
THE LOW INCOME HOUSING TAX CREDIT PROGRAM
CREATING CONSISTENCY WITH THE REGIONAL
HOUSING NEEDS ASSESSMENT
WHEREAS, the California Tax Credit Allocation Committee 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 State-wide population; and
WHEREAS, the Inland Empire region receives only 8% of the
geographic credit; and
WHEREAS, the current regulations of the Low-Income Housing Tax
Credit 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
Resolution No. 2007-106
Tax Credit/RHNA Regulatory Changes
Adopted: November 20. 2007
Page 2
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
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 effort 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 of La Quints 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.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of La Quinta supports 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.
PASSED. APPROVED, and ADOPTED at a regular meeting of the La
Quinta City Council held on this 20th day of November, 2007, by the following
vote:
Resolution No. 2007~1i()6
Tax Credit/RHNA Regulatory Changes
Adopted: November 211), 2007
Pogo 3
AYES: Council Members Henderson, Kirk, Osborne, Sniff, Mayor Adolph
NOES: None
ABSENT: None
ABSTAIN: None
VERONICA J.
City of La Qui
(City Seal)
APPROVED AS TO FORM:
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City of La Quinta, California