REGIONAL
HOUSING TRUST
2024 UPDATE PRESENTATION
History
• 2022 Legislation to create the Trust (SB1177)
authored and championed by State Senator
Portantino.
• Also received State funding of $23 million.
• Joint Powers Agreement executed May 2, 2023.
• 1st Trust Board Meeting – May 3, 2023
• Pasadena – Mayor Victor Gordo (Chair)
• Burbank – Councilmember Nikki Perez (Vice Chair)
• Glendale – Councilmember Dan Brotman – (Director)
Purpose
• Gap funding source to finance the preservation
and production of affordable housing.
• Regional-focused effort to bring additional funding
into the region.
• Increase competitive scoring to obtain other types
of funding.
• Trust-funded units contribute towards the Regional
Housing Needs Assessment (RHNA).
• Regional collaborative that works with other
entities involved in affordable and supportive
housing in the region.
• The Trust implements the deployment of funds and
compliance requirements of funds thus reducing
staff workload.
Funding
• Project Funding Policy ($23 million from the State
in the FY23-24 budget)
• Up to 10% - $2.3 million – for Trust Admin
• $20.7 million remaining for capital funding for affordable housing projects evenly divided to each city - $6.9 million each.
• Funding applications can now be submitted to the Trust from member cities.
• Applications require approval of City Council prior to being submitted to the Trust.
RFP
Administration
& Management
• CivicHome – Interim Trust Manager for
formation, policy, and organizational setup.
• Permanent Trust Manager – Dima Galkin from
Harris & Associates starting this month.
Trust Approvals
• 2023-24 Budget with year-end review and new
budget in May 2024.
• RFP and selection of:
• Legal Counsel
• Accounting/Finance/Treasurer
• Auditor (May 2024)
• Insurance
• Website/Logo
• Additional funding applications
Policy
Accomplishments
• Accounting & Finance Manual
• Investment Policy – LAIF account & BofA
operating accounting
• Procurement Policy
• Conflict of Interest (Approved by County of LA)
• Document Retention Policy (May 2024)
• Project Funding Policy
Next Steps
• Accept and review city funding applications for
specific projects.
• Continue to stay informed and involved in the Los
Angeles County Affordable Housing Solutions
Agency (LACAHSA).
• Continue to monitor funding options and apply
when appropriate.
• Promote and advocate for the tri-city region and
affordable housing funding.
• Initiate a Strategic Plan process.
Comments or
Questions