Title
Adopt Resolution to:
a. Authorize the Director of Housing and Community Development or their designee to apply for and accept grant funds from the State of California's Local Housing Trust Fund Program (LHTF) Program.
b. Establish the County's required local match for the LHTF application; and
c. Authorize the Director of Housing and Community Development or their designee to enter, execute, and deliver a State of California Agreement (Standard Agreement) as required by LHTF, subject to review and approval of the Office of the County Counsel.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Adopt Resolution to:
a. Authorize the Director of Housing and Community Development or their designee to apply for and accept grant funds from the State of California's Local Housing Trust Fund Program (LHTF) Program.
b. Establish the County's required local match for the LHTF application; and
c. Authorize the Director of Housing and Community Development or their designee to enter, execute, and deliver a State of California Agreement (Standard Agreement) as required by LHTF, subject to review and approval of the Office of the County Counsel.
SUMMARY:
On May 17, 2022, the Board of Supervisors established the Monterey County Housing Trust Fund (MCHTF) and authorized an application to the California Local Housing Trust Fund (LHTF) matching grant program to support construction of affordable housing. In December 2022, the County was notified that its application to the LHTF program was unsuccessful. The recommended actions will authorize the County to apply for a LHTF grant through the 2023 funding round.
DISCUSSION:
Since the dissolution of redevelopment tax increment financing there has been a missing piece of the affordable housing finance puzzle. Redevelopment tax increment provided local government with a stable source of funding to invest in affordable housing projects. This investment accomplished two things: first, it helped get proje...
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