RESOLUTION NO._______
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FOSTER CITY
APPROVING (A) THE FOSTER CITY LOCAL HOUSING TRUST FUND (LHTF) SPECIFIC UNDERWRITING GUIDELINES FOR THE THREE (3) PROPOSED LOAN PROGRAMS; (B) TRANSFER OF FUNDS FROM COMMERCIAL LINKAGE FEE FUND (FUND 137) TO LHTF (FUND 145) AS MATCHING FUNDS, CONTINGENT UPON THE CITY BEING AWARDED THE HCD LHTF FUNDING; AND (C) IN IN THE EVENT THAT THE GRANT IS NOT AWARDED, APPROVE THE USE OF FUNDS FROM FUND 137
AND AUTHORIZE THE CITY MANAGER OR HIS DESIGNEE TO MAKE AMENDMENTS
TO LOAN PROGRAMS AS NEEDED, INCLUDING LOAN AMOUNTS, AND OTHERS FOR THE IMPLEMENTATION OF THE THREE (3) HOUSING ELEMENT PROGRAMS
CITY OF FOSTER CITY
WHEREAS, the California Department of Housing and Community Development is authorized to provide up to $53 million under the Local Housing Trust Fund (“LHTF”) Program from the Veterans and Affordable Housing Bond Act of 2018 (Proposition 1) (as described in Health and Safety Code section 50842.2 et seq. (Chapter 365, Statutes of 2017 (SB 3)) (“Program”); and
WHEREAS, on July 9, 2024, the State of California (the “State”), Department of Housing and Community Development (“Department”) issued a Notice of Funding Availability (“NOFA”) under the HCD LHTF Program; and
WHEREAS the City of Foster City is an eligible to be an “Applicant” Local or Regional Housing Trust Fund applying to the Program to administer one or more eligible activities using Program Funds; and
WHEREAS, as part of the Housing Element 2023-31 implementation, the City has identified three programs, including, H-A-5-e, H-D-4-b, and H-B-2-a, for the HCD LHTF grant application; and
WHEREAS, the Department may approve funding allocations for the HCD LHTF Program, subject to the terms and conditions of H&S Code Section 50842.2, the HCD LHTF Program Guidelines, NOFA, Program requirements, the Standard Agreement and other related contracts between the Department and HCD LHTF award recipients.
WHEREAS, by adoption of City Resolution 2024-__ on September 3, 2024, the City Council authorized the grant application for the HCD LHTF in the amount of up to $4,675,000.
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NOW, THEREFORE, the City Council of the City of Foster City hereby RESOLVES as follows:
1. The proposed Program Guidelines for the three programs in the HCD LHTF Program application are hereby approved with the provision that the Community Development Director is authorized to make adjustments to conform to HCD LHTF Program requirements and/or to facilitate the administration of the program(s) as follows:
a. Below Market Rate Multifamily Rental Development Loan Program, as contained in Exhibit A, attached hereto;
b. Below Market Rate Accessory Dwelling Unit Loan Program, as contained in Exhibit B, attached hereto; and
c. Low Income Homeowner Rehabilitation Loan Program, as contained in Exhibit C, attached hereto.
2. If the City receives notification of an award of HCD LHTF funds from the Department pursuant to the above referenced HCD LHTF NOFA, a dollar- for-dollar match to the awarded HCD LHTF funds up to $4,675,000 shall be transferred from Fund 137 to Fund 145 within ten (10) business days and a budget appropriation shall be authorized, consistent with the programs authorized for use of LHTF funds approved by the award.
3. In the event that the grant is not awarded, the City Council approves the use of funds from Fund 137 and authorize the City Manager or his designee to make amendments as needed, including loan amounts, and others for the implementation of the three (3) Housing Element programs.
4. The City Manager or his designee is authorized to execute any other grant documents, as necessary, for the implementation of the three (3) Housing Element programs.
PASSED AND ADOPTED as a resolution of the City Council of the City of Foster City at the regular meeting held on the 3rd day of September 2024 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
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PATRICK SULLIVAN, MAYOR
ATTEST:
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PRISCILLA SCHAUS, CITY CLERK