Title
Receive a preliminary response to Referral Number 2024.12 regarding the potential use of 1220 Natividad Road to provide capital funding for the Monterey County Local Housing Trust Fund (MCLHTF)
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RECOMMENDATION:
It is recommended that the Board of Supervisors receive a report and provide direction to staff to consider the potential commercial use of 1220 Natividad Road to provide funding for the MCLHTF as part of the Facilities Master Planning process.
SUMMARY:
On September 12, 2024, Supervisor Alejo submitted a referral (Referral No. 2024.12) directing the department of Housing and Community Development (HCD) to examine the feasibility of commercializing County owned property at 1220 Natividad Road, Salinas, as a means of providing an ongoing source of capital for the Monterey County Local Housing Trust Fund (MCLHTF).
The State of California established the (LHTF) program to provide matching funds to jurisdictions and regions that have established local housing trust funds. The LHTF provides a dollar-for-dollar match for qualified local funds up to $5,000,000. Qualified local funds include locally generated affordable housing dollars, general fund or private contributions, and the fair market value of County property pledged for affordable housing development. The LHTF specifically excludes funds already restricted by state or federal law or grant regulations (except for PLHA funds) from being counted as part of the qualified match.
On May 20, 2022, the Board of Supervisors authorized the creation of the MCLHTF to support the County’s efforts to create and retain affordable housing. In May 2022 and May 2023, the Board adopted resolutions #22-100 and #23-169 pledging a portion of the County’s Permanent Local Housing Allocation (PLHA) grant, American Recovery Act funds, General Fund, the Inclusionary Housing Fund, the redevelopment housing successor agency low-moderate-income housing trust fund, and 5-acres at 855 E. Laurel Dr where Eden Housing...
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