3 Attachment C
The Long Beach Community Investment Company
September 16, 2026
Page2
revenue collected from real estate transaction activity. To receive PLHA funds for this cycle, the City must adopt a PLHA Plan describing:
• How funds will be used to increase the supply of affordable housing. • How investments will prioritize households earning at or below 60 percent of Area Median Income (AMI).
• How the Plan aligns with the City's Housing Element.
The proposed Plan (Attachment A) directs 95 percent of the City's PLHA funding to the development of new affordable rental housing projects serving households earning up to 150 percent AMI, with prioritization for projects serving households earning up to 60 percent AMI. The funds will be provided to affordable housing developers as low- interest loans, offered via a competitive NOFA process. The LBCIC serves as the loan administrator for PLHA funds. Use of PLHA funds for this unmet housing need is consistent with the City's 2021-2029 Certified Housing Element. In particular, Housing Element Program 1.6, Affordable Housing Development Assistance, requires the City to provide loans to developers to encourage the development of affordable housing units to facilitate the housing production and affordability goals set forth in the 2021 - 2029 Regional Housing Needs Allocation. The remaining five percent of the City's PLHA funding will be used for eligible administration costs.
The PLHA guidelines require that the public be given at least ten days to review and comment on the proposed Plan. Staff posted the proposed Plan on the Community Development web page on August 27, 2026. Advertisements were published in the Long Beach Press-Telegram and La Opinion (Spanish language newspaper) announcing the availability of the draft Plan and the details of the public hearing. In addition, stakeholders received an email notice about the public hearing and the availability of the proposed Plan for review and comment.
SUGGESTED ACTION:
Approve recommendation.
CK:MS:SM:sh
Attachment A: PLHA 2024-2028 Formula Allocation Five-Year Plan