RESOLUTION NO.
A RESOLUTION OF THE CITY OF RIVERSIDE, CALIFORNIA, AUTHORIZING THE CREATION OF A LOCAL AFFORDABLE HOUSING TRUST FUND TO ADDRESS THE MOST CRITICAL AFFORDABLE HOUSING NEEDS.
WHEREAS, the current private housing market cannot produce rental affordable housing for Riverside’s low income households because of the high cost of construction and land; and WHEREAS, the City of Riverside’s Regional Housing Needs Allocation (RHNA) for the period of 2021- 2029 is 18,458 housing units. Below is a breakdown of RHNA allocation by income category:
Income Category
RHNA Allocation
Very Low (50% of Area Median Income – “AMI”)
4,861
Low (30% of AMI)
3,064
Moderate (120% of AMI)
3,139
Above Moderate
7,394
Total RHNA
18,458
WHEREAS, the City Council approved the Homelessness Action Plan on October 11, 2022, that includes six (6) goals to address affordable housing and homelessness, which includes Goal No. 1 to increase housing production with a focus on affordability.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Riverside, California, as follows:
Section 1: Direct the City Manager, or designee, to establish a separate, dedicated Local Affordable Housing Trust Fund to place all land sale proceeds from properties acquired with General Fund monies, with the exception of any land owned or under the control of the March Joint Powers Authority, to address affordable housing urgent needs.
Section 2: Place $1,500,000 of Permanent Local Housing Allocation (PLHA) grant funds into the Local Affordable Housing Trust Fund for the development of affordable housing.
Section 3: Place all loan payments received from loans made under the City of Riverside’s HOME Investment Partnerships (HOME) Program, PLHA, Neighborhood Stabilization Program, CalHome and American Rescue Plan (ARPA) Act – Affordable Housing Fund into the Local Affordable Housing Trust Fund to address the most critical housing needs.
Section 4: The City of Riverside shall only loan funds from the Local Affordable Housing Trust Fund for the use of:
Match for State and/or Federal grants for affordable housing; New construction of affordable rental and homeownership units; Preservation/rehabilitation of affordable multi-family housing; Acquisition of vacant land and dilapidated properties for affordable housing; Assist in the preservation of existing affordable homeownership and rental units; Emergency repairs on affordable homeownership properties; or Tenant Based Rental Assistance for low income residents.
Section 5: The City will provide such Local Affordable Housing Trust Fund loans at a three percent (3%) simple interest rate with a maturity date that parallels with the affordability period. The affordability period for homeownership projects would be 45 years and 55 years for rental projects. Activities funded with state and federal grants shall serve households at or below 50% of area median income (AMI) and 80% of AMI. For unrestricted funds, funding will serve households at or below 120% of AMI.
ADOPTED by the City Council this _________day of_____________, 2024. _______________________________
PATRICIA LOCK DAWSON
Mayor of the City of Riverside
Attest:
_______________________________
DONESIA GAUSE
City Clerk of the City of Riverside
I, Donesia Gause, City Clerk of the City of Riverside, California, hereby certify that the foregoing resolution was duly and regularly adopted at a meeting of the City Council of said City at its meeting held on the ________ day of ________________, 2024, by the following vote, to wit:
Ayes:
Noes:
Absent:
Abstain:
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Riverside, California, this _______ day of_____________, 2024. __________________________________
DONESIA GAUSE
City Clerk of the City of Riverside
24-0237 SW 2/21/24
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MACROBUTTON None FirmName1_1 , MACROBUTTON None FirmLegalStatus1_1 CITY ATTORNEY’S OFFICE
3750 UNIVERSITY AVE., STE. 250
RIVERSIDE, CA 92501
(951) 826-5567
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MACROBUTTON None FirmName1_1 , MACROBUTTON None FirmLegalStatus1_1 CITY ATTORNEY’S OFFICE
3750 UNIVERSITY AVE., STE. 250
RIVERSIDE, CA 92501
(951) 826-5567