REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, Director
Planning and Development Department
THROUGH: PHIL SKEI, Assistant Director
Planning and Development Department
BY: JENNIFER DAVIS, Senior Management Analyst
Housing Finance Division
SUBJECT
Title
Actions pertaining to the City of Fresno Local Housing Trust Fund:
***RESOLUTION - Authorizing and directing submission of an application for funding under the State of California Local Housing Trust Fund Grant program to provide matching funds to the City of Fresno Local Housing Trust Fund (Subject to Mayor's veto)
Body
RECOMMENDATION
Staff recommends approval of a resolution authorizing and directing the submission of an application for funding under the State of California Local Housing Trust Fund Grant program to provide matching funds to the established Local Housing Trust Fund.
EXECUTIVE SUMMARY
On July 29, 2021, the City Council approved resolution 2021-201, establishing the City of Fresno Local Housing Trust Fund (LHTF). This resolution allocated $1,500,000 of the real estate transfer tax as a dedicated and annual source of funding for the LHTF. In 2022, the $1,500,000 recurring real estate transfer tax allocation and a one-time ARPA deposit of $3,500,000 was made to the LHTF, bringing the total allocation to $5,000,000. This 2022 commitment will enable staff to pursue a grant application to the State of California's Local Housing Trust Fund Grant Program seeking $5,000,000 in matching funds.
BACKGROUND
The California Department of Housing and Community Development (HCD) released a Notice of Funding Availability on March 7, 2023, announcing the availability of $53,000,000 in funds for the Local Housing Trust Fund Program that will provide Matching Grants to established Local Housing Trust Funds. The application period began on April 19, 2023 and closes on May 17, 2023.
On July 29, 2021, the City Council approved resolution 2021-201, establishing the City of Fresno Local Hous...
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