LOCAL HOUSING
TRUST FUND
DIRECTION
MARCH 6, 2023
LHTF OVERVIEW
Notice of funding provided annual by HCD
Normally April to May, not currently open
Dollar for Dollar match to local trust funds
Minimum of $500,000 max of
$5,000,000
Requires local funding commitment
USES OF FUNDS
Loans – 3% simple interest
Construction or permanent finance –
rental housing – long term covenants
Emergency shelters, transitional,
supportive
Home buyer – owner projects – ADU’s
JADU’s
Specific income requirements
STEPS TO APPLY
Council Direction on program aspects and funding – decisions tonight Action to declare a local Trust
Develop Program Guidelines – may be deferred to award
Issue local NOFA for Interest – necessary for tie breakers Complete application
Adopt Resolution authorizing application
LOCAL
COMMITMENT
GRANT REQUEST
Option 1 – utilize $500,000 budget allocation - $100,000 per year over 5 years
Apply for $500,000 in LHTF
Option 2 – utilize $500,000 plus $100,000 per year – 5 years Apply for $1,000,000 in LHTF
LOCAL FUNDING SOURCES
In Lieu Fee – RHNA Production Program
Permanent Local Housing Allocation (PLHA)
Pro Housing Incentive Pilot Program (PIP)
Regional Early Action Planning Program (REAP)
Other Local Sources and Contributions
COUNCIL
POLICY DIRECTION
Program Guidelines –
focus on affordable rental
projects not homebuyer or
owner focused approach
Operations – manage
internally seek outside
support for loan
underwriting, evaluation,
document preparation
and packaging
Funding and Grant
Request – Local match of
$500,000 and $500,000
grant or $1,000,000 and
$1,000,000 grant
Source of Local Funds –
current budget allocation
and/or PIP, REAP, PLHA,
or others
Regional vs. Local Trust