Amendment to the Housing Trust Fund
City Council Meeting – October 17, 2023
1 • On October 11, 2005, the City Council approved the
creation of a Housing Trust Fund (HTF).
• When established, the goals of the HTF were to
utilize its funds to help meet the housing needs of
the City’s extremely low and above moderate-income
households by providing housing assistance and
homeownership opportunities.
• To qualify for matching funds from the State, the City must now modify the goal populations of the HTF.
Background
2 Long Beach Municipal Code (LBMC) Chapter 3.92 – Housing Trust Fund
• The California Department of Housing and Community Development’s (HCD) Local Housing Trust Fund (LHTF) Program provides matching funds to local and regional housing trust funds dedicated to the creation, rehabilitation, or preservation of affordable housing, transitional housing and emergency shelters.
Housing and Community Development - Local HTF Program
3 • Eligible program fund uses include:
o Construction loans and/or permanent financing loans to pay for costs associated with development or rehabilitation of affordable rental housing projects, emergency shelters, permanent supportive housing, transitional housing;
o Affordable homebuyer/homeowner projects, including assistance to income-eligible households to purchase for-sale units; and, o The construction, conversion, or rehabilitation of Accessory Dwelling Units (ADUs) or Junior ADUs.
4 Housing and Community Development - Local HTF Program (cont.) • At least 30% of the Program Funds shall
be expended on assistance to Extremely
Low-Income Households (no more than
30% AMI)
• No more than 20% of the Program
Funds shall be expended on assistance to
Moderate-Income Households (no more
than 120% AMI)
• Remaining Program Funds shall be
expended on assistance to Lower-
Income Households (no more than 80%
AMI)
HCD LHTF Program
• Not less than 50% of funds shall be
expended on assistance to Extremely
Low-Income Households (no more than
30% AMI)
• Not less than 50% of funds shall be
expended on assistance to Above
Moderate-Income Households
(between 120%-150% AMI)
Amendments to City HTF Eligible Uses of Funds
5 City of Long Beach HTF
Direct the City Attorney to prepare an Ordinance amending the provisions of the Housing Trust Fund to comply with the regulations of the California Department of Housing and Community Development’s Local Housing Trust Fund Program. (Citywide)
Recommendation
6 Thank you
Christopher Koontz
Director
Community Development Department
[email protected]
Meggan Sorensen
Housing and Neighborhood Services Bureau Manager
Community Development Department
[email protected]
7