RESOLUTION NO. (N.C.S.)
A RESOLUTION OF THE CITY OF SALINAS CITY COUNCIL AUTHORIZING ESTABLISHMENT OF A SALINAS LOCAL HOUSING TRUST FUND; ESTABLISHMENT OF A SALINAS LHTF ACCOUNT AND TRANSFER OF IDENTIFIED LOCAL MATCH FUNDS, PROPERTY ASSETS, AND OPERATING REVENUE FUNDS; SUBMITTAL OF A LOCAL HOUSING TRUST FUND PROGRAM APPLICATION TO THE CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT; AND THE CITY MANAGER OR DESIGNEE TO EXECUTE ALL APPLICABLE FORMS, GRANT-RELATED DOCUMENTS, AND SUBSEQUENT AMENDMENTS AS NEEDED WHEREAS, on December 4, 2018, City Council adopted the Salinas Plan including a recommendation to establish a housing trust fund with local and state resources to create 2,000 new units of affordable housing; and WHEREAS, the City had participated in a regional housing trust fund and established a Housing Production Capital Improvement Fund in the past, but had not generated enough gap financing needed by affordable housing developers; and WHEREAS, on March 7, 2023, the State of California, Department of Housing and Community Development (HCD) issued a Notice of Funding Availability (NOFA) under its Local Housing Trust Fund (LHTF) Program; and WHEREAS, HCD is authorized to provide up to $53 million under the 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 City is an eligible ‘new’ Local Housing Trust Fund applicant and able to apply for up to $5,000,000 in Program funds to support the creation, rehabilitation, or preservation of affordable housing, transitional housing, and emergency shelter; and WHEREAS, to satisfy LHTF application threshold requirements the City of Salinas (“City”) proposes to establish a Salinas Local Housing Trust Fund; and WHEREAS, per HCD LHTF Application requirements, the City intends to establish a Salinas LHTF account fund prior to submission and appropriate $500,000 from the Housing Production Fund CIP # 9021, $500,000 of General Funds, and $20,000 of SB2 PLHA funds as its applicable match and initial operating revenue; and WHEREAS, the City intends to commit the appraised values of its 34-38 Soledad St., 37-39 Soledad St., 921 E. Market St., and 115-151 Division St properties and up to an additional $80,000 of SB2 PLHA funds as additional required Salinas LHTF assets and operating revenue; and WHEREAS, the City intends to submit its LHTF Program Application to HCD no later than May 17, 2023.
NOW, THEREFORE, BE IT RESOLVED that the Salinas City Council authorizes the establishment of a Salinas Local Housing Trust Fund; and BE IT FURTHER RESOLVED that the Salinas City Council authorizes establishment of a Salinas LHTF fund with revenue and expenditure accounts to include the pre-application appropriation from the Housing Production Fund CIP #9021 ($500,000), General Funds ($500,000), and SB2 PLHA ($20,000) as required match and operating revenues; and BE IT FURTHER RESOLVED that the Salinas City Council authorizes the commitment of nine (9) City-owned properties at 921 E. Market St., an easement and 115, 123, 137, 145, 151 Division St., and 37-39 and 34-38 Soledad St. as Salinas LHTF match assets; and BE IT FURTHER RESOLVED that the Salinas City Council authorizes submittal of a Local Housing Trust Fund Application to the California Department of Housing and Community Development, and BE IT FURTHER RESOLVED that the Salinas City Council authorizes the City Manager, or designee, to execute all applicable forms, agreements, grant-related documents, and subsequent amendments as needed.
PASSED AND APPROVED this 2nd day of May 2023, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
APPROVED:
_____________________________
Kimbley Craig, Mayor
ATTEST:
_________________________
Patricia M. Barajas, City Clerk
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