Resolution Attachment 1
The City’s Local Affordable Housing Trust Fund will provide construction and permanent financing loans at simple interest rates of no more than 3 percent per annum to facilitate the development, acquisition, construction, and/or rehabilitation of housing for low - to moderate - income households based on Area Median Income (AMI) , throughout the City of Riverside .
Proceeds from these loans will be deposited back into the trust fund to be used to fund future loans.
Proposed Local Affordable Housing Trust Fund Budget:
Activity Percentage of LAHTF Funding
Affordable Housing Development for Extremely Low-
Income Households at or below 30% AMI
30%
Affordable Housing Development for Low- to Moderate-
Income Households at or below 80% AMI
65%
Administrative Costs 5%