ADMINISTRATIVE REPORT
MEETING DATE: February 26, 2025 AGENDA CATEGORY: Public Safety Vital Services TO: Honorable Mayor and City Council
FROM: Jennifer M. Byers, Economic and Community Development Director DATE: January 22, 2025
SUBJECT: Transfer ($8,000,000) of Public Safety and Vital Services Affordable Housing Funds from the Public Safety and Vital Services Economic and Community Development Capital Improvement Budget to the Affordable Housing Trust Fund.
RECOMMENDATION:
Staff recommends approval of transfer.
BACKGROUND:
On July 14, 2021, the City Council approved Resolution 124-2021, establishing the Bakersfield Affordable Housing Trust Fund (AHTF) to assist in the development of affordable housing to meet the housing needs of the City’s very low-, low- and moderate-income households. The creation of this fund is a general benefit to the city that promotes the health and welfare of the residents and businesses improving housing opportunities and reducing homelessness within the city.
It was the intent of the City Council that the AHTF would be funded by Public Safety Vital Services (PSVS) Measure N funds to match or leverage other public or private sources. The AHTF is utilized to foster a mix of residential projects assisted by the AHTF and to disperse affordable housing projects throughout the city to achieve a balance of housing in all neighborhoods and communities.
To continue required grant matches and leveraging, Economic and Community Development requests to transfer $5,000,000 of fiscal year 2023-2024 and $3,000,000 of fiscal year 2024-2025 budgeted PSVS affordable housing funds to the AHTF.
FISCAL IMPACT:
No fiscal impact
COUNCIL GOAL:
Safety and Resilience
ATTACHMENTS:
N/A