TITLE
Recommendation to direct City Attorney to prepare ordinance amending the provisions of the Housing Trust Fund to comply with the regulations of the California Department of Housing and Community Development’s Local Housing Trust Fund Program. (Citywide)
DISCUSSION
On June 11, 2002, the City Council requested the City Manager to prepare a report regarding the feasibility of establishing a Housing Trust Fund (HTF) for the City of Long Beach (City), including identification of potential funding sources. On September 10, 2002, the City Council authorized the City Manager to enter into a contract with David Rosen & Associates (DRA) to conduct the study. After confirmation of assumptions and extensive presentations of the preliminary findings, DRA's final report was completed in October 2003 and concluded that it was appropriate to establish a City HTF.
On October 11, 2005, the City Council approved the creation of a HTF and requested the City Attorney to prepare an Ordinance to establish, fund, and administer the HTF. The initial funding for the HTF included $250,000 from the Douglas Park project mitigation fund and $500,000 from transient occupancy taxes available in Fiscal Year (FY) 2005 and FY 2006. City staff continues to seek funding and grant opportunities for the HTF.
The goals of the HTF have been to meet, in part, the housing needs of the City’s extremely low and above moderate-income households as well as to increase home ownership opportunities available to extremely low and above moderate-income households throughout the City. As it is written, no less than 50 percent of funds in the HTF are to be expended to provide housing assistance and homeownership opportunities for above moderate-income households at affordable costs, and no less than 50 percent are to be expended to provide housing and homeownership opportunities to extremely low-income households at affordable housing costs.
The California Department of Housing and Community Developm...
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