AFFORDABLE HOUSING TRUST
FORMING THE
TRUST
Feasibility
study completed
COG Board approved
formation January 2023
Multiple cities have
joined to date/are
considering
GATEWAY CITIES
AFFORDABLE
HOUSING
(LIHTC) IN THE
PAST 8 YEARS
GATEWAY CITIES
AFFORDABLE
PIPELINE
PROJECTS
CITY TOTAL UNITS % UNITS # PROJECTS
Norwalk, CA 1,120 28.43% 2
Commerce 952 24.16% 3
Montebello 320 8.12% 5
Whittier 300 7.61% 1
Long Beach 240 6.09% 4
Pico Rivera 225 5.71% 1
South Gate 125 3.17% 4
Compton 121 3.07% 6
Santa Fe Springs 120 3.05% 2
Lynwood 106 2.69% 1
Downey 100 2.54% 1
Bell Gardens 100 2.54% 1
Paramount 42 1.07% 2
Lakewood 37 0.94% 4
Bellflower 32 0.81% 1
Grand Total 3,940 100.00% 38
Pipeline Projects = Initial site control and up to the start of construction WHAT IS A HOUSING TRUST?
Funding source to finance the preservation and production of affordable housing.
Established by state, city, or county gov’ts as a Joint Powers Authority.
Funding sources include local, state and federal money, private donations
WHAT ARE
THE
BENEFITS?
• The Trust provides gap funding for
development of both affordable and
supportive housing for populations that
already exist within the community.
• Trust funding makes affordable housing
projects more competitive to obtain
additional funding.
• The Trust helps finance development that
contributes towards the Regional Housing
Needs Assessment (RHNA).
• Membership supports the Trust efforts to
bring Federal, State and County dollars into
the region.
• The Trust is a regional collaborative that
works with other entities involved in
affordable and supportive housing in the
region.
• The Trust implements the deployment of
funds and compliance requirements of
funds thus reducing staff workload.
TRUST STUDY PROCESS
Complete Best
Practices Summary
Housing Needs
Assessment
Identify and
Compare
Proposed
Developments
Formation of Trust
Steering
Committee
Organizational
Framework (Board
Composition,
Bylaws & JPA)
Funding Strategy Strategic Plan Fundraising
Strategy
Program
Recommendations
TRUST CAPITAL FUNDING SOURCES
• County of LA Homeless Initiative Grant $1,920,195 (secured, FY22) • County of LA Homeless Initiative Grant $1,000,000 (pledged, FY23) • County of LA MHSA Grant $4,000,000 (applying)
• State of CA Local Housing Trust Fund $4,750,000 (applying/need match) • SCAG REAP 2.0 $7,500,000 (applying)
Additional Capital Sources:
City Unused PHLA (direct or through LACDA)
State Budget Allocation
Federal Funding Programs
LACAHSA
Philanthropic/Foundation
“WHAT ARE THE KEY
COMPONENTS OF THE
PROPOSED JPA?”
Composition of the Trust Board
• 7 Directors: Elected Officials – Appointed by GCCOG Board • 2 Directors: Housing Experts – Appointed by City Managers Committee Administrative Cost Contribution
POPULATION ANNUAL ADMIN FEE
<30,000 $7,500
30,001 to 60,000 $15,000
60,001 to 100,000 $32,500
>100,000 $47,500
Withdrawal: City resolution six months prior and no reimbursement of administrative fees
The Trust can pursue all funding sources that can finance all types of affordable ownership and rental housing at all affordable income categories, dependent upon funding source criteria.
COMMITTEE
REVIEW &
APPROVAL
• Trust Steering Committee consisting of
Lakewood, Maywood, Whittier, Norwalk, Long
Beach City Managers, COG Board President, LA
County Homeless Initiative leadership,
developers, and financing entities. Reviewed in
detail the policy choices for Trust formation.
• COG Homelessness T echnical Advisory
Committee
• COG Committee on Homelessness
• Gateway Cities City Managers
• City Managers Steering Committee
• Planning Directors Committee
• Attendees at each of these meetings expressed
unanimous support for the formation of a Trust.
TRUST TIMELINE
Jan 4th - GCCOG Board approved formation of the Trust
Jan-Mar - City Council Meetings to join the Trust
Mar - Trust Board of Director applications
Apr 5th - GCCOG Board Mtg - appoint Trust Directors
May Gateway Cities Affordable Housing Trust – Board Mtg
COL -LAB -O-RA -TION
/KƏ ˌLABƏ ˈRĀSH (Ə)N/
“The process of two or more entities working together to complete a task or achieve a goal.”
CONTACT
INFORMATION
Melani Smith
Director of Regional
Development
Gateway Cities Council of
Governments
[email protected]
213.479.0719
www.gatewaycog.org
Affordable Housing Trust