TITLE
Recommendation to adopt resolution authorizing the submission of an application to the California State Department of Housing and Community Development Transit Oriented Development Housing Program for funding assistance of up to $17,000,000; and authorize City Manager to execute all necessary documents upon funding approval. (District 1)
DISCUSSION
The Department of Community Development requests authorization to submit an application for funding assistance of up to $17,000,000 under the State Department of Housing and Community Development's (HCD) Transit Oriented Development (TOD) Housing Program. The TOD Housing Program is designed to increase the overall supply of housing, increase the supply of affordable housing, increase public transit ridership, and minimize automobile trips. The program seeks to accomplish these objectives by providing financial assistance for the development of housing and related infrastructure near public transit stations. Under the program, low-interest loans are available as gap financing for rental housing developments that include affordable housing units, and as mortgage assistance for homeownership developments. In addition, grants are available for infrastructure improvements necessary for the development of specified housing developments, or to facilitate connections between these developments and the transit station.
Funds for the TOD Housing Program were allocated under the Housing and Emergency Shelter Trust Fund Act of 2006 (Proposition 1 C). This is the first funding round for the TOD Housing Program. There is $95 million in the first round. It is anticipated that two additional rounds will be forthcoming. A total of $285 million will be available over three years.
The City of Long Beach and Meta Housing Corporation will apply as co-applicants for rental, homeownership and infrastructure funds in connection with a proposed mixeduse development at 1235 Long Beach Boulevard (southwest corner of Long Beach Bouleva...
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