TITLE
WITHDRAWN
Recommendation to establish a Housing Trust Fund for the City of Long Beach; authorize City Attorney to prepare an ordinance establishing the terms and conditions for administering the Housing Trust Fund; and Direct the Planning Commission to prepare an inclusionary housing ordinance.
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, including identification of potential funding sources. A Housing Trust Fund would provide a continuing source of funds to improve and/or increase the supply of affordable rental and ownership housing. Attachment 1 lists the jurisdictions that have established HTFs, including those in California. Attachment 2 lists the revenue sources and eligible uses of the HTFs established in major and selected California cities. On September 10, 2002, City Council authorized the City Manager to enter into a contract with David Rosen & Associates (DRA) to conduct the study. Preliminary
findings were presented to the City's senior management team and, individually, to the Mayor and available City Councilmembers. The preliminary findings were also shared
with developers to validate the consultant's assumptions. DRAs final report was completed in October 2003 and concluded that an HTF could be established in Long Beach. The report further recommended adopting an inclusionary housing ordinance.
Any in-lieu fees generated would go into the HTF. Another source of funds recommended is a commercial linkage fee, which staff is not proposing at this time. An inclusionary housing ordinance would require residential developers to provide a percentage of new units at affordable rents or purchase price. The inclusionary units can be provided on site or offsite, or in case of financial infeasibility to provide units, an inclusionary housing in-lieu fee can be paid by the developer and deposited into the Hou...
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