1 / 20

Department of Housing and Community Development

Department of Housing and Community Development. Mission Provide leadership, policies and programs to preserve and expand safe and affordable housing opportunities and promote strong communities for all Californians. Lynn Jacobs - Director Chris Westlake – Deputy Director.

yoland
Download Presentation

Department of Housing and Community Development

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Department of Housing and Community Development Mission Provide leadership, policies and programs to preserve and expand safe and affordable housing opportunities and promote strong communities for all Californians. Lynn Jacobs - Director Chris Westlake – Deputy Director

  2. Department of Housing and Community Development Proposition 1C, Affordable Housing Innovation Fund, Local Housing Trust Fund Program (LHTFP): Purpose The program provides grant funds to eligible Local Housing Trust Funds dedicated to the creation or preservation of affordable housing.

  3. Department of Housing and Community Development LHTFP: Current NOFA • $16,275,000 : Existing LHTFs (Pre- 09/30/06) • Applications accepted until 5:00 P.M. on February 18, 2009 for Existing LHTFs ONLY -------------------------------------------------------- • $5,425,000 : New LHTFs (Post- 09/30/06) • Applications accepted on an over-the-counter basis beginning on February 18, 2009 for New LHTFs

  4. Department of Housing and Community Development LHTFP: Regulations The California Department of Housing and Community Development developed proposed regulations for the interpretation and implementation of the LHTFP.

  5. Department of Housing and Community Development Summary of LHTFP Regulations • §7150 Purpose and Scope • §7151 Definitions • §7152 Eligible Applicants • §7153 Eligible Use of Funds • §7154 Matching Fund Requirements • §7156 Application Process • §7157 Protection of Program Funds • §7159 Legal Documents

  6. Department of Housing and Community Development LHTFP: Section 7151 (k) “Local Housing Trust Fund” is a public, joint public and private fund or charitable nonprofit organization described in Section 501(c)(3) of the Internal Revenue Code, which was established by legislation, ordinance, resolution (including nonprofit articles of incorporation) or a public-private partnership organized to receive specific revenue to address local housing needs.

  7. Department of Housing and Community Development LHTFP: Section 7151 (k) The key characteristic of a Local Housing Trust Fund is that it receives Ongoing Revenues from dedicated sources of funding sufficient to permit the fund to participate in the LHTF Program.

  8. Department of Housing and Community Development LHTFP: Eligible Applicants The following entities that have created, funded, and operate an existing or new LHTF • City or County • City and County • Non-Profit Organization (501(c)3)

  9. Department of Housing and Community Development LHTFP: Eligible Uses of Funds • Acquisition • Predevelopment Activities • Construction • Rehabilitation • First-Time Homebuyers Downpayment Assistance

  10. Department of Housing and Community Development LHTFP: Eligible Projects • Rental housing projects or units within rental housing projects with affordability restrictions for 55 years • Emergency Shelters, safe havens, and transitional housing as defined in Health and Safety Code Section 50801 • Homeownership projects as defined in the LHTFP Regulations: Section 7151(j)

  11. Department of Housing and Community Development LHTFP: Program Grant Amount Limits • LHTFP awards will be grants to the LHTF organization, to be dispersed as loans. • Maximum grant is $2 million • Minimum grant is $1 million

  12. Department of Housing and Community Development LHTFP: Matching Funds Requirements • Matching funds equal to or in excess of program grant • Matching funds On Deposit at time of application, as defined in LHTFP Regulations: Sec. 7151(r) • Funds restricted for housing use by State or Federal law not considered matching funds

  13. Department of Housing and Community Development LHTFP: Program Income Restrictions • At Least 30 Percent of program funds and match funds for eligible projects that are affordable to, and restricted for, extremely low income households • No more than 20 Percent of program funds and match funds for eligible projects that are affordable to, and restricted for moderate income households whose income does not exceed 120 percent Area Median Income, adjusted for household size

  14. Department of Housing and Community Development LHTFP: Program Income Restrictions • All assisted rental units restricted for not less than 55 Years • Program funds used on for-sale projects require deed restrictions in compliance with Health and Safety Code Section 50843.5(d)(3)

  15. Department of Housing and Community Development LHTFP: Time Frame for Use of Funds • LHTFP funds must be utilized by an eligible project within 36 Months of receipt of award. • If the LHTF ceases operation or on-going revenues cease less than 5 Years from date funds are awarded, all unencumbered funds and future loan payments shall be remitted to the Department.

  16. Department of Housing and Community Development LHTFP: Grantee Responsibilities • Hold public hearing(s) to discuss project(s) that will be funded by LHTFP dollars • Responsible for administering the program as proposed • Continue in operation for at least five years after award • Report annually to the Department

  17. Department of Housing and Community Development LHTFP: Program Application • Complete the LHTFP application • Applications must be entirely filled out in order for review consideration • All required attachments must be provided

  18. Department of Housing and Community Development LHTFP: Existing LHTF Application Evaluation Criteria Applications will be rated and ranked, based on the following five criteria: • The extent to which the applicant expends more than 65% of LHTFP funds for downpayment assistance to first-time homebuyers. • The extent to which the applicant agrees to provide matching funds from sources other than local residential impact fees.

  19. Department of Housing and Community Development LHTFP: Existing LHTF Application Evaluation Criteria • The extent to which the applicant agrees to expend more than 30% of the total amount of LHTFP funds and matching funds for projects or units that serve persons and families of extremely-low income. • The extent to which the applicant agrees to expend less than 20% of the total amount of LHTFP funds and matching funds for projects or units that serve persons and families with moderate incomes whose income does not exceed 120% of the area median income. • The extent to which the applicant provides Matching Funds in excess of the requested program funds.

  20. Department of Housing and Community Development LHTFP: Contact Information • Ben Dudek, 916/445-6508 • Fred Rogers, 916/327-2881 • Heriberto Rosales, 916/327-6659 • Nancy Mee, 916/327-3625

More Related