AGENDA TITLE:
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Adopt a Resolution Approving Participation in the San Joaquin Regional Housing Fund as One of the San Joaquin County Member Agencies (CD)
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MEETING DATE:
July 17, 2024
PREPARED BY:
Jennifer Rhyne, Neighborhood Services Manager
recommendation
RECOMMENDED ACTION:
Adopt a resolution approving participation in the San Joaquin Regional Housing Fund as one of the San Joaquin County member agencies.
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BACKGROUND INFORMATION:
Pursuant to California Health and Safety Code sections 50842.1 et seq. and the California Department of Housing and Community Development ("HCD") Guidelines, HCD administers the Local Housing Trust Fund Matching Grant Program ("Program"), to support local housing trust funds dedicated to the creation or preservation of affordable housing. The Program provides matched funds for local housing trusts, which are composed of local constituencies coming together around affordable housing. These local trusts have shown HCD that they can more efficiently respond to regional housing needs and that they have an excellent record of disbursing resources at the local level.
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. The key characteristic of a Local Housing Trust Fund is that it receives ongoing revenues from dedicated sources of funding sufficient to permit the Local Housing Trust Fund to comply with the requirements of the Program. While Lodi would be eligible to create a Local Housing Trust fund, the city would need to develop a public nonprofit organization under section 501(c)(3), however due to the ever-increasing costs of building affordable housing, and the administrative costs of operating our own nonprofit, this would significantly limit the resources available to develop a project locally. Having a Regional Housing Trust Fund with all County jurisdictions...
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