Long Beach Community Investment Company (LBCIC)
Established by the City Council, the Long Beach Community Investment Company (LBCIC) oversees the delivery of housing and neighborhood revitalization services. The Housing Services and Neighborhood Programs Division in the Community Development Department staffs the LBCIC.
Annually, the LBCIC prepares its housing budget for approval by the City Council. The LBCIC’s budget is a subset of the entire Housing Development Fund Group. Revenue sources in this fund include rental income, loan repayments and interest from mortgage assistance programs, and land sale proceeds. This revenue supports the FY 27 LBCIC budget of $7,299,655. The development of housing is a multi-year endeavor and staff continues to work on projects budgeted in prior years.
LBCIC Expenditures Budget
Operation of LBCIC-owned properties (321 W. 7th Street) 230,000 Homeownership Assistance Programs 6,180,000
Administration 889,655
Total $7,299,655
The Long Beach Community Investment Company
FY 27
PROPOSED
BUDGET
LBCIC Expenditures
LBCIC-Owned Rental Projects
321 West 7th (Lois Apartments -- 24 units) 230,000 Subtotal LBCIC-Owned Rentals $ 230,000
Development Projects
Homeownership Assistance Programs
Single Family ADU - Backyard Builders Program (CalHOME) 4,800,000 Single Family ADU - Backyard Builders Program
(Prohousing Incentive Program) 1,380,000
Subtotal Homeowner Assistance $ 6,180,000
LBCIC Administration
Administrative Expenditures 139,655
HOME Revenue Transfer
Project Administration (Property Mgmt/Project Dev) 300,000 Project Staff Costs 450,000
Subtotal LBCIC Admin $ 889,655
Total LBCIC Expenditures $ 7,299,655