CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT 2024 LOCAL HOUSING TRUST FUND APPLICATION
Monica Flores-Ponce, Community Development Analyst
Community Development Department
September 3, 2024
Background
HCD 2024 LHTF NOFA
$53 million statewide
Amounts of $500,000 - $5,000,000
New and existing LHTFs
Local and Regional LHTFs
Requires dollar-for-dollar match
Non-HCD funds and property assets
Requires 3 years of ongoing revenue for existing LHTF averaging $100,000 per year
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
2024 Application Requirements
Minimum application request: $1,000,000, with same amount as match.
Researching potential funding sources
LHTF, General Funds, ARPA, PLHA
40% commitment of the previous award(s)
HACM Conditional Commitment letter - $3,080,000
Ongoing Revenue: average of $100,000 per year for three years PLHA and PIP
Application Deadline: September 17, 2024.
City Council: September 10, 2024
SLHTF Program Application Timeline
HCD NOFA Release July 9, 2024
HCD Opens LHTF Application Portal August 20, 2024
City HLUC Consideration September 3, 2024
City Council Consideration September 10, 2024
Application Deadline September 17, 2024
Expected Award Notifications December 2024
Recommended Motion
It is recommended that the Housing and Land Use Committee supports the approval of a City Council resolution authorizing the submittal of the 2024 LHTF Application to the California Department of Housing and Community Development on or before September 17, 2024.
Questions & Comments