August 20, 2024
Dima Galkin, Trust Manager
Burbank Glendale Pasadena Regional Housing Trust
RE: Commitment of Funding to the Burbank-Glendale-Pasadena Regional Housing Trust (BGPRHT) for use as Matching Funds for the 2024 Local Housing Trust Fund Program Dear BGPRHT Trust Manager,
We are pleased to confirm that the City of Glendale will provide a cash contribution to the Burbank-Glendale- Pasadena Regional Housing Trust (BGPRHT) in the amount of $4,000,000 for use as Matching Funds in accordance with the California Department of Housing and Community Development (HCD) Local Housing Trust Fund (LHTF) grant program.
The source of the $4,000,000 in committed Matching Funds is $3,300,000 in Measure S money, which is a local sales tax measure in Glendale that designates funding for Glendale operations, and $700,000 in Affordable Housing Trust Fund money, which comes from affordable housing impact and in-lieu fees.
This commitment to provide Matching Funds is contingent upon confirmation of the BGPRHT's award of 2024 LHTF funding. The amount of $4,000,000 will be deposited into the BGPRHT's account within ninety (90) days of receipt of a Notice of Award issued by HCD to the BGPRHT or by June 30, 2025, whichever date occurs first.
Should the City of Glendale not deposit the committed Matching Funds by the date identified above, the BGPRHT may provide an extension to the date, not to extend beyond the execution of BGPRHT's Standard Agreement with HCD. If the City of Glendale determines that it will be unable to deposit the Matching Funds before the BGPRHT is required to execute a Standard Agreement, then either the BGPRHT will identify a new source of Matching Funds or identify a later date in which the transfer of funds will take place.
We look forward to seeing our commitment work to increase access to affordable housing in the Tri-Cities region.
Sincerely,
Roubik Golanian
City Manager