411 W. Ocean Blvd., 3rd Floor ● Long Beach, CA 90802 ● 562.570-6949 ● lbcic.org
M E M O R A N D U M
DATE: September 16, 2026
TO: Board of Directors
The Long Beach Community Investment Company
FROM: Christopher Koontz, President
SUBJECT: Award of up to $4 Million in Funding and Authorization to Execute Agreements to Negotiate Exclusively with Century Affordable Development, Inc., Long Beach Community Land Trust, and Jamboree Housing Corporation for Affordable Rental Housing Projects (District 8, District 9)
RECOMMENDATION:
1. Approve the selection of Century Affordable Development, Inc (CADI) for an award of up to $1,200,000; and authorize the President or designee to enter into an Agreement to Negotiate Exclusively with CADI for rehabilitation of affordable rental housing units (District 8);
2. Approve the selection of Long Beach Community Land Trust (LBCLT) for an award of up to $800,000; and authorize the President or designee to enter into an Agreement to Negotiate Exclusively with LBCLT for acquisition and rehabilitation of affordable rental housing units (District 9); and
3. Approve the selection of Jamboree Housing Corporation (Jamboree) for an award of up to $2,000,000; and authorize the President or designee to enter into an Agreement to Negotiate Exclusively with Jamboree for land acquisition for the development of affordable rental housing units (District 8).
DISCUSSION
These awards provide funding commitments for three distinct affordable rental housing projects, for a combined total of up to $4 million in funding, for 119 additional proposed affordable housing units. The awards are the result of a competitive proposal process as described below.
The Community Development Block Grant (CDBG) Program is one of the longestrunning programs administered by the U.S. Department of Housing and Urban Development (HUD). It provides annual funding to entitled cities and counties to carry out a wide range of community development activities to improve the lives of their low Attachment C 4
The Long Beach Community Investment Company
September 16, 2026
and moderate-income residents through the creation and expansion of economic and community development opportunities in support of livable communities. As an entitlement jurisdiction, the City of Long Beach (City) receives an allocation of CDBG funding directly from HUD.
On June 16, 2026, City staff published a Notice of Funding Availability (NOFA) announcing the availability of CDBG funds, with the option to provide alternative funding sources, including HOME Investment Partnerships Program (HOME), Permanent Local Housing Allocation (PLHA), Los Angeles County Affordable Housing Solutions Agency (LACAHSA), or other eligible local, state, or federal funds, as needed subject to the availability of funding. The funding opportunity was offered to qualified Community Land Trusts, housing development companies, nonprofit organizations, and/or community development corporations for the creation of affordable housing in Long Beach. Eligible uses of these funds include the acquisition of land for the future development of affordable rental housing, and acquisition and rehabilitation of existing multifamily rental housing in the City to add affordability restrictions for households earning at or below 80% Area Median Income (AMI). Four proposals were received by the July 30, 2026, deadline:
1. Century Affordable Development, Inc. (CADI)
Proposal for rehabilitation of an existing multifamily rental housing property with 55 units at 5560 Ackerfield Avenue.
2. Long Beach Community Land Trust (LBCLT)
Proposal for rehabilitation of an existing multifamily rental housing property with 28 units at 6303-6315 Cherry Avenue.
3. Jamboree Housing Corporation (Jamboree)
Proposal for land acquisition for the future development of 39 affordable units for families at 620 South Street and 5705-5723 Lime Avenue.
4. Super Strains, Inc.
Proposal for rehabilitation of a single-family home and construction of two Accessory Dwelling Units (ADUs) at 3211 E. 67th Way.
A selection committee (Committee) was formed to review and evaluate the proposals in accordance with the criteria detailed in the NOFA. The Committee was comprised of three key City staff members from the Community Development Department’s Planning and Housing and Neighborhood Services Bureaus, and one City staff member from the Economic Development and Opportunity Department’s Real Estate Bureau. The proposals were reviewed, discussed, and ranked by the Committee. The proposals were consistently evaluated based upon the following criteria:
Experience and Qualifications (maximum 20 points)
Project Budget (maximum 10 points)
Sources and Uses of Funds (maximum 10 points)
Community Land Trust Preference Points (maximum 10 points) Project Location and Type (maximum 10 points)
Project Readiness (maximum 20 points)
Scope of Development (maximum 20 points)
The Long Beach Community Investment Company
September 16, 2026
The proposals from CADI, LBCLT, and Jamboree received high scores from the Committee and are recommended for awards. These proposals represent a unique opportunity to support both production of new housing units and rehabilitation of existing housing units, gaining deed-restricted affordable housing at a relatively low per-unit subsidy and preserving naturally occurring affordable housing.
CADI: 5560 Ackerfield Avenue Rehabilitation Project
CADI submitted a proposal for $1.2 million in funding to rehabilitate Ackerfield Apartments, a 55-unit rental housing property located at 5560 Ackerfield Avenue, recently purchased by CADI (Attachment A). These naturally occurring affordable housing units are not currently subject to any affordability covenants, but in correspondence with this funding award CADI would record a 55-year regulatory agreement restricting the units (exclusive of one manager’s unit) as affordable for households earning up to 80 percent of AMI. Ackerfield Apartments is comprised of five two-story buildings with a combination of one-, two-, and three-bedroom units and grade-level covered parking. Common amenities include a swimming pool, sun deck and barbecue area. With this funding award, CADI will complete urgent safety and habitability upgrades, including replacement of outdated electrical panels that pose a fire risk, targeted plumbing repairs, moisture remediation, and priority roof replacement/repairs among other rehabilitation activities. Ackerfield Apartments is currently occupied, and CADI proposes completing the construction in phases to avoid displacing tenants. CADI has extensive experience developing quality affordable housing projects throughout California, including several projects in Long Beach. This type of acquisition and rehabilitation provides the city with a financially efficient, expedient and long-lasting mechanism to preserve existing housing stock and enhance its affordability.
LBCLT: 6303-6315 Cherry Avenue Acquisition and Rehabilitation Project LBCLT submitted a proposal for $800,000 in funding to purchase and rehabilitate Stardust Apartments, a 28-unit rental housing property located at 6303-6315 Cherry Avenue (Attachment B). LBCLT has executed an Option to Purchase the property.
Upon acquisition, LBCLT would record an affordability covenant restricting the units (exclusive of one manager’s unit) as affordable for households earning up to 80% AMI, thus preserving the naturally occurring affordable housing units in perpetuity.
Stardust Apartments consists of two residential buildings situated on approximately
0.52 acres and includes 26 one-bedroom units and two two-bedroom units. In partnership with TPC Homes, LBCLT proposes to address key habitability and rehabilitation needs of the property, including pest control and mold remediation, exterior building repairs (including fascia, plaster, roofing, waterproofing, and painting), plumbing and sewer system repairs, and security improvements. In February 2026, the Long Beach Community Investment Company (LBCIC) approved the conveyance of the LBCIC-owned Maine Avenue Senior Apartments to LBCLT. Seed funding was provided to the LBCLT as part of the Long Beach Recovery Act and subsequent City Council actions and this award is a key step forward in the land trust’s maturity as it begins management of housing units to the benefit of the residents served.
The Long Beach Community Investment Company
September 16, 2026
Jamboree: 620 South Street/5705-5723 Lime Ave Land Acquisition Project Jamboree submitted a proposal for $2 million in funding to purchase the site at 620 South Street and 5705-5723 Lime Avenue for the development of a 39-unit affordable family rental housing project (Attachment C). The project site is currently a .65-acre vacant lot owned by the City on the corner of South St and Lime Avenue in the North Long Beach area. Jamboree has executed an Exclusive Negotiating Agreement (ENA) with the City to purchase the property. The project proposed by Jamboree will provide a combination of one-, two-, and three-bedroom units in a four-story building for families earning up to 80 percent AMI. Amenities include a community room with kitchen and computer area, pet wash station, indoor bike parking, outdoor BBQ area, and tot lot. In June 2026, the LBCIC awarded up to $5,000,000 in funding to Jamboree for development costs for this project.
Jamboree has extensive development, construction and management experience resulting in the creation of over 10,000 affordable rental units in over 100 California cities, including three in Long Beach.
City staff recommend that the LBCIC enter into separate ENAs with CADI, LBCLT and Jamboree, respectively, for an initial twelve-month period to allow the LBCIC and each organization time to work exclusively to determine whether the projects are physically and financially feasible. If approved, the ENAs will allow the President to extend the terms for two additional six-month periods, if necessary, to allow the organizations to fully assemble financing.
The proposed projects support the implementation of the City’s Certified Housing Element Program 1.6 (Affordable Housing Development Assistance) and Program 5.3 (Home Rehabilitation). Therefore, City staff supports the approval of three awards of CDBG funds, or other available alternative funding sources as needed, for a combined total of up to $4,00,000.
SUGGESTED ACTION:
Approve recommendations.
CK:MS:SM:SH
ATTACHMENT A – CADI PROJECT SITE MAP AND PHOTOS
ATTACHMENT B – LBCLT PROJECT SITE MAP AND PHOTOS
ATTACHMENT C – JAMBOREE PROJECT SITE MAP AND PHOTOS