2023 CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT LOCAL HOUSING TRUST FUND APPLICATION Megan Hunter, Community Development Director
Community Development Department
May 2, 2023
Background
HCD 2023 LHTF NOFA
$53 million statewide
Amounts of $500,00 - $5,000,000
New and existing LHTFs
Local and Regional LHTFs
Requires dollar-for-dollar match
Non-HCD funds and property assets
Requires 5 years of ‘ongoing operating revenue’
Discussion
Salinas Local Housing Trust Fund (SLHTF)
Fund and finance the planning and construction of affordable housing City-wide
Focus on included match properties
Board of Directors = City Council
Responsible for general oversight and consideration of emerging projects and developments SLHTF Guidelines & Standards
Required application threshold
Discussion
Proposed Activities
Affordable Multifamily Rental Housing
Predevelopment
Development
Acquisition
Rehabilitation
Preservation
Resident Income Thresholds
Extremely-low
Very-low
Low
Moderate
Proposed Local Housing Trust Fund Match Assets
Funds:
Allocation Amount
General Funds - Housing Production Fund (CIP 9021)
$ 500,000
General Fund
$ 500,000
Total City’s Cash Contribution
$1,000,000
Owned Property Assets:
Division Street Properties
$1,380,000
37-39 Soledad Street
$140,000
34-38 Soledad Street
$300,000
Total Land Donations Valuation
$1,820,000
Total Local Matching Funds & Assets
$2,820,000
Projected Total Salinas Local Housing Trust Funds
$3,820,000
Operating Revenue (5 years of incremental funding)
Permanent Local Housing Allocation (SB2 PLHA)
$100,000
Potential Housing Projects
Project
Developer
Units
467-469 Market St.
Envision Housing LLC
75 855 E Laurel Dr.
Eden Housing Inc.
132
Republic Café (37 Soledad St.)
City of Salinas
8 38 Soledad St.
City of Salinas
TBD
Division St. Properties
City of Salinas/HACM
TBD
200 Casentini St.
HACM
TBD
374 E. Alvin
CHISPA
TBD
SLHTF Program Application Timeline
CEQA Consideration
The City of Salinas has determined that the proposed action is not a project as defined by the California Environmental Quality Act (CEQA) (CEQA Guidelines Section 15378) Strategic Plan Goals & Strategies
Fiscal Impact
Housing/Affordable Housing
Effective and Culturally Responsive Government
Dollar-for-dollar match – funds and/or assets
$500,000 of General Funds
$500,000 of Housing Production Fund (CIP #9021)
$1,820,000 Valuation of 9 City-owned Parcels
Potential HCD LHTF award of $2,820,000
Recommended Motion
A motion to approve a Resolution authorizing:
establishment of a Salinas Local Housing Trust Fund; and establishment of a Salinas LHTF account fund with revenue and expenditure accounts to include the pre-application allocation of Housing Production Fund CIP #9021 ($500,000) and General Funds ($500,000) as required local match and SB2 PLHA ($100,000) as required, incremental operating revenue; and commitment of nine (9) City-owned properties at Division St. and 37-39 and 34-38 Soledad St. as Salinas LHTF match assets; and submittal of a Local Housing Trust Fund Program Application to HCD; and the City Manager, or designee, to execute all applicable forms, grant-related documents, and subsequent amendments as needed.
Questions & Comments