RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, CALIFORNIA, AUTHORIZING AN APPLICATION TO THE CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT FOR LOCAL HOUSING TRUST FUND PROGRAM MATCHING GRANT FUNDS OF $1,000,000 FOR THE CITY’S LOCAL AFFORDABLE HOUSING TRUST FUND FOR THE DEVELOPMENT OF AFFORDABLE RENTAL HOUSING PROJECTS – SUPPLEMENTAL APPROPRIATION.
A necessary quorum and majority of the council members of THE CITY OF RIVERSIDE, a California charter city and municipal corporation (“Applicant”) hereby consents to, adopts, and ratifies the following Resolution:
WHEREAS, the Department is authorized to provide up to Fifty-Three Million Dollars ($53,000,000.00) under the Local Housing Trust Fund (“LHTF”) Program from the Veterans and Affordable Housing Bond Act of 2018 (Proposition 1) (as described in Health and Safety Code section 50842.2, et seq. (Chapter 365, Statutes of 2017) (SB 3)) (“Program”); and WHEREAS, the State of California (“State”), Department of Housing and Community Development (“Department”) issued a Notice of Funding Availability (“NOFA”) dated July 9, 2024, under the LHFT Program; and WHEREAS, Applicant is an eligible Local or Regional Housing Trust Fund applying to the Program to administer one or more eligible activities using Program Funds; and WHEREAS, the Department may approve funding allocations for the LHTF Program, subject to the terms and conditions of H&S Code Section 50842.2, the LHTF Program Guidelines, NOFA, Program requirements, the Standard Agreement, and other related contracts between the Department and LHTF award recipients.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Riverside, California, as follows:
Section 1: If Applicant receives an award of LHTF funds from the Department pursuant to the above-referenced LHTF NOFA, it represents and certifies that it will use all such funds on Eligible Projects in a manner consistent and in compliance with all applicable state and federal statutes, rules, regulations, and laws, including, without limitation, all rules and laws regarding the LHTF Program, as well as any and all contracts Applicant may have with the Department (“Eligible Project”).
Section 2: That the Local Affordable Housing Trust fund is hereby authorized to act as the Manager in connection with the Department’s funds to Eligible Projects pursuant to the above-described Notice of Funding Availability in an amount not to exceed One Million Dollars ($1,000,000) (“LHTF Award”).
Section 3: Applicant hereby agrees to match on a dollar-for-dollar basis the LHTF Award pursuant to Guidelines Section 104. Applicant hereby agrees to utilize matching funds on a dollar-for-dollar basis for the same Eligible Project for which Program Funds are used, as required by HSC Section 50843.5(c).
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. Proceeds from these loans are deposited back into the trust fund to be used to fund future loans.
Section 4: Pursuant to Attachment “1” and the Applicant’s certification in this Resolution, the LHTF funds will be expended only for Eligible Projects and consistent with all program requirements.
Section 5: Nonprofit Housing Trust Funds and Native American Tribe Housing Trust Funds agree to use Program Funds only for Eligible Projects located in cities and counties that submitted an adopted Housing Element that was found by the Department to be in compliance and that have submitted their Housing Element Annual Progress Report (APR) for the current year or prior year by the application due date.
Section 6: Applicant shall be subject to the terms and conditions as specified in the Standard Agreement, H&S Section 50842.2, and LHTF Program Guidelines.
Section 7: [Title of Authorized Signor(s)] is/are authorized to execute the LHTF Program Application, the LHTF Standard Agreement, and any subsequent amendments or modifications thereto, as well as any other documents which are related to the Program or the LHTF Award to Applicant, as the Department may deem appropriate.
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 introduced and adopted at a meeting of the City Council 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
24-1414 SBM 8/22/24
ATTACHMENT “1”
C:\Users\SMurphy\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\9MGUHL7N\Resolution (24-1414) Draft Resolution with SBM highlights (003).docx 2 City Attorney’s Office3750 University Ave., STE. 250Riverside, CA 92501(951) 826-5567City Attorney’s Office3750 University Ave., STE. 250Riverside, CA 92501(951) 826-5567 City Attorney’s Office
3750 University Ave., STE. 250
Riverside, CA 92501
(951) 826-5567
City Attorney’s Office
3750 University Ave., STE. 250
Riverside, CA 92501
(951) 826-5567
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