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 an assistance of up to $17,000,000; and authorize City Manager to execute all documents necessary to accept and expend the funds for the proposed project, upon funding approval. (District 1)
DISCUSSION
The Department of Community Development requests authorization to submit an application for a grant 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 grants are available to provide mortgage assistance to low- and moderate-income buyers 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 second funding round for the TOD Housing Program. There is $95 million available in this round, just as there was in the first. It is unknown at this time whether additional rounds will be forthcoming because of the State budget deficit. However, it was announced that a total of $285 million would be available over three years.
The City of Long Beach (City) ...
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