RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PASADENA (1)
AUTHORIZING SUBMITTAL OF AN APPLICATION TO THE STATE OF
CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
FOR AN ALLOCATION OF FUNDING UNDER THE LOCAL HOUSING TRUST FUND (LHTF) PROGRAM, AND (2) IF SELECTED FOR SUCH FUNDING, AUTHORIZING
THE EXECUTION OF A STANDARD AGREEMENT, ANY AMENDMENTS THERETO
AND ANY RELATED DOCUMENTS NECESSARY TO PARTICIPATE IN THE LHTF PROGRAM.
WHEREAS, the State of California Department of Housing and Community Development ("Department") is authorized to provide up to $53 million under the Local Housing Trust Fund Program ("LHTF Program") from the Veterans and Affordable Housing Bond Act of 2018 (Proposition 1) (as described in Health and Safety Code Section 50842.2 et seq. (Chapter 365, Statutes of 2017 (SB 3); herein referred to as the "LHTF Program Statutes");
WHEREAS the Department has issued a Notice of Funding Availability ("NOFA"), dated March 7, 2023, under the LHTF Program;
WHEREAS, the City of Pasadena, a California municipal corporation and charter city ("City"), is an eligible Local or Regional Housing Trust Fund applying for funding under the LHTF Program to administer one or more eligible activities using LHTF Program funds ("LHTF Program Funds");
WHEREAS, the Department is authorized to approve funding allocations utilizing monies made available by the State Legislature to the LHTF Program, subject to the terms and conditions of the NOFA, the LHFT Program Statutes, the LHFT Program Guidelines, the Standard Agreement and other contracts between the Department and LHFT award recipients; and
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WHEREAS, the City desires to submit an application (the "Application") to the Department for LHFT Program Funding in an amount not to exceed $5,000,000 (the "LHTF Award") for eligible activities as approved by the Department and in accordance with the LHFT Program Statutes, the LHFT Program Guidelines, other rules and laws, as well as in a manner consistent and in compliance with the Standard Agreement and other contracts between the City and the Department.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASADENA RESOLVES AS FOLLOWS:
1. Incorporation of Recitals by Reference. The foregoing recitals are incorporated into this Resolution by this reference and constitute a material part of this Resolution.
2. Authority to Prepare, Execute and Submit Application. The City Manager and the Assistant City Manager, or either of them, are authorized and directed, as agents of the City, to prepare, execute and submit the Application to the Department.
3. Authority to Execute Documents and Take Further Actions. The City Manager and the Assistant City Manager, or either of them, are hereby further authorized and directed, if the City is selected by the Department to receive the LHFT Award, to take such other actions as are consistent with the Application, including the execution of the LHTF Program Application, a Standard Agreement and any subsequent amendments or modifications thereto, as well as any and all documents required by the Department for participation in the LHFT Program and deemed necessary and appropriate by the City Manager and the Assistant City Manager, or either of them (as the case may be), to consummate the transaction contemplated by the adoption of this Resolution and to administer the City's obligations, responsibilities and duties to be performed hereunder and under any agreement entered into with the Department in connection with the LHFT Award and the LHFT Program.
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4. Agreement to Utilize LHFT Program Funding in a Manner Consistent with the Application. the LHFT Program Statutes and the LHFT Program Guidelines. The City Manager and the Assistant City Manager, or either of them, are hereby authorized and directed, if the City is selected by the Department to receive the LHFT Award pursuant to the above-referenced NOFA, to use said LHFT Award for Eligible Projects in the manner presented in the Application as approved by the Department in a manner consistent and in compliance with all applicable state and federal statutes, rules, regulations, and laws, including without limitation, all rules and laws regarding the NOFA, the LHFT Program Statutes, the LHFT Program Guidelines, the terms and conditions specified in the Standard Agreement, all contract the city may have with the Department, and any subsequent amendments or modifications thereto ("Eligible Project").
5. City of Pasadena Housing Trust Fund. Upon receipt of the LHTF Award from the Department, the City shall deposit said LHTF Award into the City's Housing Trust Fund and shall administer and allocate the LHTF Award out of said Trust Fund to Eligible Projects in accordance with the NOFA, the LHFT Program Statutes, the LHFT Program Guidelines, as well as. the terms and conditions specified in the. Standard Agreement entered into by the City and the Department and any subsequent amendments or modifications thereto, in an amount not to exceed $5,000,000 (the LHTF Award).
6. City of Pasadena Matching Funds. City hereby agrees to match on a dollar- for-dollar basis the LHTF Award pursuant to LHFT Program Guidelines Section 104. City hereby agrees to utilize matching funds on a dollar-for-dollar basis for the same Eligible Projects for which LHTF Program Funds are used, as required by Section 50843.5(c) of the LHTF Program Statutes.
7. Summary of Uses for LHTF Award. Attached hereto as Attachment 1 and incorporated herein by this reference is a short summary of how the City intends to use the LHTF Award and the City's matching funds.
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8. Pursuant to Attachment 1 and the City's certification in the resolution, the LHTF Funds will be expended only for Eligible Projects and consistent with all LHTF Program requirements.
9. The City shall be subject to the terms and conditions as specified in the Standard Agreement, the LHTF Program Statutes and LHTF Programs Guidelines.
Adopted at a special meeting of the City Council on the _______ , 2023, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
__ day of
MARK JOMSKY, City Clerk
APPROVED AS TO FORM:
MICHELE BEAL BAGNERIS
City Attorney
,. / ~D ~ ~
1-fAssis~an~][Deputy , City Attorney
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CERTIFICATE OF THE ATTESTING OFFICER
The undersigned, the City Clerk of the City of Pasadena, does herby attest and certify that the attached Resolution is a true, full and correct copy of a resolution duly adopted at a meeting of the City Council of the City of Pasadena, which was duly convened and held on the date stated thereon, and that said document has not been amended, modified, repealed or rescinded since its date of adoption and is in full force and effect as of the date hereof.
Dated: May_, 2023
Mark Jomsky, CMC
City Clerk
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ATTACHMENT 1
[Behind this page]
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The City of Pasadena Housing Trust Fund ("HTF") will use Local Housing Trust Funds ("L THT") to create new construction affordable rental units at the development located at 280 Ramona Street. LHTF grant funds will be used for the following: as predevelopment financing and as construction loan financing and/or permanent financing to create new affordable rental units.
Thirty percent (30%) of the LHTF funds will be used to create affordable rental opportunities for households earning 30% of less of Area Median Income ("AMI"). The remaining seventy percent (70%) of the LHTF will be used to create new construction rental units for households earning 60% or less of AMI. All units will be located at the affordable development proposed at 280 Ramona Street.
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