R11609City Council Meeting: August 27, 2024 Santa Monica, California
RESOLUTION NUMBER 11609 (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA
AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR LOCAL
HOUSING TRUST FUND PROGRAM MATCHING GRANT FUNDING
WHEREAS, the State of California (the "State"), Department of Housing and
Community Development (the "Department") is authorized to provide up to $53 million
under the Local Housing Trust Fund ("LHTF") Program from the Veterans and
Affordable Housing Bond Act of 2018 (Proposition 1) (as described in Health and Safety
Code section 50842.2 et seq. (Chapter 365, Statutes of 2017 (SB 3)) ("Program");
WHEREAS, the Department issued a Notice of Funding Availability ("NOFA")
dated July 9, 2024, under the LHTF Program;
WHEREAS, the City is an eligible Local or Regional Housing Trust Fund applying
to the Program to administer one or more eligible activities using Program Funds; and
WHEREAS, the Department may approve funding allocations for the LHTF
Program, subject to the terms and conditions of Health and Safety Code Section
50842.2, the LHTF Program Guidelines, NOFA, Program requirements, the Standard
Agreement and other related contracts between the Department and LHTF award
recipients.
NOW, THEREFORE, BE IT RESOLVED THAT:
SECTION 1. If the City of Santa Monica ("City") receives an award of LHTF funds
from the Department pursuant to the above referenced LHTF NOFA, it represents and
certifies that it will use all such funds on Eligible Projects in a manner consistent and in
compliance with all applicable state and federal statutes, rules, regulations, and law s,
including, without limitation, all rules and laws regarding the LHTF Program, as well as
any and all contracts City may have with the Department.
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SECTION 2. The City is hereby authorized to act as the manager in connection
with the Department's funds to Eligible Projects pursuant to the above-described Notice
of Funding Availability in an amount not to exceed $5,000,000 (the "LHTF Award").
SECTION 3. The City hereby agrees to match on a dollar-for-dollar basis the
LHTF Award pursuant to Guidelines Section 104, and the City hereby agrees to utilize
matching funds on a dollar-for-dollar basis for the same Eligible Project for which
Program Funds are used, as required by Health and Safety Code Section 50843.5(c).
SECTION 4. Pursuant to the City of Santa Monica Housing Division Local
Housing Trust Fund Expenditure Plan (Exhibit A) and the City's certification in this
resolution, the LHTF funds will be expended only for Eligible Projects and consistent
with all program requirements.
SECTION 5. The City shall be subject to the terms and conditions as specified in
the Standard Agreement, Health and Safety Code Section 50842.2, and LHTF Program
Guidelines.
SECTION 6. The City Manager is authorized to execute the LHTF Program
Application, the LHTF Standard Agreement and any subsequent amendments or
modifications thereto, as well as any other documents which are related to the Program
or the LHTF Award to City, as the Department may deem appropriate.
SECTION 7. The City Clerk shall certify to the adoption of this Resolution, and
thenceforth and thereafter the same shall be in full force and effect.
APPROVED AS TO FORM:
________________________
DOUGLAS SLOAN
City Attorney
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Exhibit A
City of Santa Monica Housing and Human Services Division
Local Housing Trust Fund
Expenditure Plan
The City of Santa Monica (“City”) commits to use Local Housing Trust Fund (“LHTF”) Program
Funds and Matching Funds as follows:
• 100% of Program Funds and Matching Funds received will be spent to provide
construction/permanent financing loans at simple interest rates of no higher than three
percent per annum with deferred payments based on residual receipts, for payment of
predevelopment costs, acquisition, construction, or rehabilitation of multifamily rental
housing serving Lower-Income (80% of Area Median Income (“AMI”)), Very Low-Income
(50% of AMI), and Extremely Low-Income Households (30% of AMI).
• At least 30% of Program Funds and Matching Funds received will be spent on assistance
to Extremely Low-Income Households.
• 100% of Program Funds and Matching Funds received will be spent on loans for the new
construction of multifamily rental housing developments with average household income
restrictions of no more than 60% of AMI.
• No more than 5% of Program Funds and Matching Funds received will be spent on
administrative expenses.
All activities and projects funded by Santa Monica’s LHTF Program Funds and Matching Funds
will be located within the City. To meet the Matching Funds requirement of the LHTF Program,
the City will contribute City-owned land and/or matching funds from the Redevelopment
Replacement Housing Trust Fund, for which the funding sources are:
1) transaction and use taxes approved by Measure GSH and
2) 80% of the loan repayments owed by the former Santa Monica Redevelopment Agency to the
City, or other locally-generated funds, which are dedicated and restricted for housing use solely
by City action and not by state or federal law.
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Adopted and approved this 27th day of August, 2024.
__________________________
Phil Brock, Mayor
I, Nikima S. Newsome, Interim City Clerk of the City of Santa Monica, do hereby
certify that Resolution No. 11609 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 27th day of August, 2024, by the following vote:
AYES: Councilmembers Zwick, Parra, Davis, Torosis, de la Torre,
Mayor Pro Tem Negrete, Mayor Brock
NOES: None
ABSENT: None
ATTEST:
_____________________________________
Nikima S. Newsome, City Clerk
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