Report Prepared by: Scott McBride, Director of Development Services
Title
SUBJECT: Local Housing Trust Fund (LHTF) Program Policy Direction
REPORT IN BRIEF
City Council is being requested to provide direction on key policy decisions related to the scale and potential use of program funds - program guidelines and operational approach, approach to meet program funding commitment including identification of a local funding commitment source and adjustments to the proposed 2023-24 Fiscal Year Budget as well as setting a grant funding request, and preparation of an application to the State of California Department of Housing and Community development (HCD) Local Housing Trust Fund Program (LHFT).
RECOMMENDATION
City Council - Provide policy direction:
A. Scale and potential use of program funds - program guidelines and operational approach; and,
B. Approach to meet program funding commitment including identifying a local funding commitment source and adjustments to the proposed 2023-24 FY budget as well as setting a grant funding request: and,
C. Provide direction to prepare a City Council Resolution declaring the establishment of a Local Housing Trust Fund; and,
D. Prepare an application to the State of California Department of Housing and Community Development (HCD) Local Housing Trust Fund Program (LHTF).
Body
ALTERNATIVES
1. Approve as recommended by staff; or,
2. Approve, subject to other than recommended by staff (identify specific findings and/or conditions amended to be addressed in City Council motion); or,
3. Deny; or,
4. Refer to City Staff for reconsideration of specific items to be addressed in City Council motion); or,
5. Continue to a future City Council meeting (date and time to be specified in City Council motion).
AUTHORITY
City of Merced Charter, Section 200; et. seq.
CITY COUNCIL PRIORITIES
As provided for in the 2023-24 Adopted Budget and the City Council's Prohousing Policies.
DISCUSSION
Annually, HCD provides a noti...
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