Title
a. Approve an agreement with the Monterey Bay Housing Trust to support the creation and retention of affordable housing in Monterey County
b. Authorize the County Administrative Officer to execute the agreement; and,
c. Authorize Monterey County's deposit of $500,000 as a financial contribution to the Monterey Bay Housing Trust.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve an agreement with the Monterey Bay Housing Trust to support the creation and retention of affordable housing in Monterey County;
b. Authorize the County Administrative Officer to execute the agreement; and,
c. Authorize Monterey County's deposit of $500,000 as a financial contribution to the Monterey Bay Housing Trust.
SUMMARY:
The recommended action will implement direction received from the Board of Supervisors during FY 2017-18 budget hearings to partner with the Monterey Bay Housing Trust (MBHT). Specifically, the action will authorize the County Administrative Officer to enter into an agreement with MBHT that will contribution of $500,000 will be used to support the creation and retention of affordable housing in the County of Monterey.
DISCUSSION:
The Monterey Bay Housing Trust (MBHT) is a revolving loan fund sponsored by the Monterey Bay Economic Partnership (MBEP) and Housing Trust Silicon Valley (HTSV). The goal of this fund is to increase the supply of affordable housing for low-income households. MBHT loans are used primarily to finance acquisition of land, entitlement and predevelopment costs for affordable housing projects in the Monterey Bay Region, including Monterey, Santa Cruz and San Benito counties.
To launch MBHT, MBEP entered an agreement with HTSV, whereby HTSV provides 80% of the funds and MBHT provides 20% of the funds for each loan made in the Monterey Bay region. To date, MBHT has received commitments for $2.25M (including Monterey County's $500,000 commitment), making the total fund equal to $11.25M. The fund is ...
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