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CC - ACTION ITEM: Discussion and Direction to the City Manager on the Creation of a Local Housing Trust Fund (LHTF).
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Meeting Date: April 28, 2025
Contact Person/Dept.: Michael Bruckner/City Manager's Office
Tevis Barnes/Housing & Human Services
Phone Number: (310) 253-6023
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Attachments: Yes [X] No []
Public Notification: (E-Mail) Meetings and Agendas - City Council (04/23/2025)
Department Approval: John Nachbar, City Manager (04/23/2025) _____________________________________________________________________
RECOMMENDATION
Staff recommends that the City Council discuss the creation of a Local Housing Trust Fund (LHTF) and provide direction to the City Manager.
BACKGROUND
At the February 10, 2025, City Council Meeting, the City Council requested staff explore the creation of a Local Housing Trust Fund (LHTF) for the production and preservation of affordable housing in Culver City.
The California Department of Housing and Community Development (HCD) administers the Local Housing Trust Fund program, which provides matching funds to local and regional housing trust funds dedicated to the creation, rehabilitation, or preservation of affordable housing, transitional housing, and emergency shelters. While it is not a requirement for the City to participate in the Local Housing Trust Fund program, it is recommended that the City align its Trust Fund to meet the eligibility requirements and guidelines of the program (Section 102) to maximize potential matching fund opportunities available from the state (Attachment 1) for affordable housing projects.
To be eligible for the state's program, a Local or Regional Housing Trust Fund is required to be a public, joint public and private, or charitable nonprofit organization organized under Section 501(c)(3) of the Internal Revenue Code, which is established by legislation, ordinance, resolution (including nonpr...
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