TITLE
Recommendation to adopt resolution approving City of Long Beach execution of the Joint Exercise of Powers Agreement relating to membership in the Gateway Cities Affordable Housing Trust; and
Authorize City Manager, or designee, to execute the Gateway Cities Affordable Housing Trust Joint Powers Authority (JPA) Agreement. (Citywide)
DISCUSSION
City staff recommend that the City of Long Beach (City) join the Gateway Cities Affordable Housing Trust (Trust), a Joint Powers Authority (JPA) formed among the cities within the Gateway Cities region. The Trust secures and provides funding to preserve and produce affordable housing. These funds improve the financial viability of individual housing projects and programs. This funding can also increase each project’s competitiveness for additional state and federal funding sources. Additionally, the Trust will work with a variety of government and philanthropy groups to attract more housing funds to the Gateway Cities region. Joining the Trust would support achievement of the stated goals and objectives of the 6th Cycle Housing Element and support the region to bring new dollars to help fund more affordable housing development. To become a member, the City Council must adopt a Resolution and authorize the City Manager to execute the JPA with the Trust.
Background
The Gateway Cities region of Los Angeles County includes 27 cities located along the I-710 corridor in eastern Los Angeles County. Early in 2021, the Gateway Cities Council of Governments (GCCOG) obtained funding from the Southern California Association of Governments (SCAG) to explore the formation of an affordable housing trust within the region.
Since then, GCCOG and their consultant conducted the following activities:
· Interview the GCCOG cities to determine their housing needs and priorities, explain the concept of the Trust, and investigate their interest in being a member.
· Interview other stakeholders in the region in the same fashion, inc...
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