Attachment 3
City of Riverside
Local Affordable Housing Trust Fund Summary
Purpose: Dedicated funds held in a trust to be used to address the most critical housing needs.
Trust Fund Revenue:
1. $1,500,000 of Permanent Local Housing Allocation grant
2. Loan repayments from the HOME Investment Partnerships Program, Permanent Local Housing Allocation, Neighborhood Stabilization Fund, CalHome and ARPA – Affordable Housing Fund and grant charitable contributions that can be used to make investments in affordable housing
3. Fifty percent (50% of the future land sale proceeds of City-owned properties purchased with General Funds)
Eligible Activities:
1. Matching funds for State and/or Federal fund
2. New construction of rental and homeownership units
3. Preservation/rehabilitation of multi-family and homeownership housing
4. Acquisition of vacant land and dilapidated properties
5. Emergency repairs on homeownership properties
6. Tenant Based Rental Assistance
Focus on housing for seniors and justice -involved people. Market rate developers and nonprofits can apply for these funds. Market rate developers who apply for funding must commit at least 10% of their housing units for affordable rental housing and 5% for affordable homeownership.
Loan Terms: Three percent (3%) simple interest and the maturity date would be the same as the affordability period.
Affordability Period: 99 years
Income Limits:
• Activities funded with state and federal grants: serve households at or below 50% and 80% of area median income
• Unrestricted funds: serve households up to 120% of area median income