REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, Director
Planning & Development Department
THROUGH: SOPHIA PAGOULATOS, Long Range Planning Manager
Planning & Development Department
BY: CASEY LAUDERDALE, Planner
Planning & Development Department
SUBJECT
Title
***RESOLUTION - Adopting the 62nd amendment to the Annual Appropriation Resolution (AAR) No. 2022-178 to appropriate $1,000,000 in the City of Fresno Local Housing Trust Fund (Requires 5 Affirmative Votes) (Subject to Mayor’s Veto)
Body
RECOMMENDATION
Staff recommends approval of the AAR to appropriate $1,000,000 for the City of Fresno Local Housing Trust Fund (Fund #10502).
EXECUTIVE SUMMARY
Approval of the AAR will appropriate $1,000,000 from the General Fund to the City of Fresno (City) Local Housing Trust Fund (Fund #10502). This appropriation is pursuant to prior City Council direction to use General Fund resources to increase the available match for the State of California’s Local Housing Trust Fund Grant Program. Because the City has been selected for an award, approving this action will allow the City to access the $2,500,000 in matching funds provided by the State Grant Program.
BACKGROUND
On July 29, 2021, the City Council approved resolution 2021-201 to establish the City of Fresno Local Housing Trust Fund (LHTF). This resolution designated up to $1,500,000 of the real estate transfer tax as a dedicated and annual source of funding for the LHTF. During the hearing, a motion was made for an additional one-time deposit of $1,000,000 to the LHTF from General Fund carryover to bring the total LHTF allocation to $2,500,000. This commitment level enabled staff to pursue a grant application to the State of California’s Local Housing Trust Fund Grant Program seeking $2,500,000 in matching funds.
On December 28, 2021, staff received confirmation from the State Department of Housing and Community Development (HCD) that the City of Fresno would be awarded the full match of $2,500,000. The match from the City needs to be deposited into the LHTF account in order to access the matching funds from the State.
Staff is awaiting documentation to complete the Standard Agreement with HCD. Once LHTF funding is in place and an agreement with HCD is signed, staff will develop community engagement opportunities and draft a notice of funding availability (NOFA) for the LHTF.
ENVIRONMENTAL FINDINGS
This is not a project pursuant to CEQA guidelines Section 15378.
LOCAL PREFERENCE
Not applicable.
FISCAL IMPACT
This Resolution will create a one-time allocation of $1,000,000 to Fund 10502 from the General Fund.
Attachment:
Exhibit A: AAR 62nd LHTF (Resolution)