Title
a. Adopt a Resolution establishing and providing initial funding of the Monterey County Housing Trust Fund.
b. Adopt a Resolution authorizing the Director of Housing and Community Development or designee to apply for, execute related agreements and accept grant funds from the State of California's Local Housing Trust Fund Program, after review and approval as to form by County Counsel. (4/5ths vote required)
c. Approve an increase in Fiscal Year 2022/23 appropriations in Fund 001, Organizational Unit 8542, Appropriations Code HCD001 by $600,000 from the Cannabis Tax assignment, BSA 001-3132, and authorize the County Administrative Office to reflect approved changes in the FY 2022-23 Adopted Budget. (4/5ths vote required)
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Adopt a Resolution establishing and providing initial funding of the Monterey County Housing Trust Fund.
b. Adopt a Resolution authorizing the Director of Housing and Community Development or designee to apply for, execute related agreements and accept grant funds from the State of California's Local Housing Trust Fund Program, after review and approval as to form by County Counsel. (4/5ths vote required)
c. Approve an increase in Fiscal Year 2022/23 appropriations in Fund 001, Organizational Unit 8542, Appropriations Code HCD001 by $600,000 from the Cannabis Tax assignment, BSA 001-3132, and authorize the County Administrative Office to reflect approved changes in the FY 2022-23 Adopted Budget. (4/5ths vote required)
SUMMARY
Increasingly, local communities are creating housing trust funds as means to find local solutions to California's affordable housing crisis. But what is a housing trust fund? They are dedicated funds that are held in trust to be used to provide affordable housing. The agencies that administer them can take many forms, such as a local housing department, a multi-city agency, or a private nonprofit organization. The Institute for Local Governmen...
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