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Housing and Homelessness Committee
February 26, 2024
ESTABLISH A LOCAL HOUSING TRUST
FUND
Department of Housing and Human Services
RiversideCA.gov
2 REGIONAL HOUSING NEED ALLOCATION
RHNA
Allocation
Income Category
4,861Very Low (50% of Area Median Income – “AMI”)
3,064Low (30% of AMI)
3,139Moderate (120% of AMI)
7,394Above Moderate
18,458Total RHNA
Period: 2021 -2029
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3 LOCAL HOUSING TRUST FUND TOOL
• Receive ongoing revenues
• Support affordable housing rather than other
community needs
• Unrestricted funds for housing
• 763 local housing trust funds nationwide and 41
in California
RiversideCA.gov
4 COMMON FORMS OF DEDICATED REVENUES
• Dedicated Housing Fees
• Discretionary Local Revenues
• Grant and Charitable Contribution Funds
• Loan Repayment and Commercial
Development Loans
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5 ELIGIBLE ACTIVITIES
• New construction
• Preservation/rehabilitati
on of existing multi-
family
• Property acquisition
• Housing for those with
special needs
• Elderly housing
• Preservation/rehabilitati
on of existing single-
family housing
• Permanent homeless
housing
• Transitional housing
• Housing for ex-offenders
• Tenant based rental
assistance
• Homeless services
• Foreclosure prevention
• Housing education and
counseling
• Organizational
administration
• Operating and
maintenance costs
• Homeless prevention
• Capacity building
• Community land trusts
• Project based rental
assistance
• Supportive services
• Match for state and/or
federal funds
• Development activities
• Vacant/abandoned
properties
• Down payment
assistance
• Emergency repairs
• Energy efficiency
improvements in existing
housing
• Weatherization/energy
efficiency upgrades
• Renewable energy
• Water efficiency
upgrades
RiversideCA.gov
6 RECOMMENDED ACTIVITIES
1. Match for State and/or Federal fund
2. New construction of rental and homeownership units
3. Preservation/rehabilitation of multi-family housing
4. Acquisition of vacant land and dilapidated properties 5 6
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7 PROPOSED LOCAL HOUSING TRUST FUND REVENUE
• State and Federal Housing Trust Fund grants
• Loan payments
o HOME Investment Partnerships Program
o Permanent Local Housing Allocation
o Neighborhood Stabilization Program
o CalHome
o ARPA – Affordable Housing Funds
RiversideCA.gov
8 TERMS
• 3% simple interest rate
• Maturity date: Affordability period
• Affordability period
o Homeownership activities: 45 years
o Rental activities: 55 years
• Restricted funds: assist households at or below 50% and 80% of area median income
• Unrestricted funds: assist households at or below 120% of area median income
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9 GRANT OPPORTUNITY
UPDATE
• Prohousing Incentive Program Round 2
• Maximum grant allocation: $1,500,000
• Matching funds of funds placed into a local housing trust fund
• Application deadline: March 30, 2024
RiversideCA.gov
10 STRATEGIC PLAN ALIGNMENT
Envision Riverside 2025 Strategic Plan Priorities
Cross-Cutting Threads
Community Well-Being
Goal 2.1 and Goal 2.3
Community Trust
Equity
Fiscal Responsibility
Innovation
Sustainability &
Resiliency
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11 RECOMMENDATIONS
That the Committee conceptually approve:
1. Establishment of a $1,500,000 local housing trust fund funded through the 2021 Permanent Local Housing
Allocation; and
2. Recommend submission of a $1,500,000 Prohousing
Incentive Program Round 2 grant application for
matching funds.
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