Right Column
Local Housing Trust Fund Program
Purpose
Help finance local housing trust funds dedicated to the creation or preservation of affordable housing.
Assistance Type
Matching grants (dollar-for-dollar) to local housing trust funds that are funded on an ongoing basis from private contributions or public sources that are not otherwise restricted in use for housing programs.
Terms
1) Fifty percent of total funds ($16.625 million) will go for matching grants to housing trust funds that existed prior to September 30, 2006.
• Preference to housing trust funds that expend more than sixty-five percent of state funds for down payment assistance to first-time homebuyers.
2) Fifty percent of total funds ($16.625 million) will go for matching grants to new local housing trusts created on or after September 30, 2006.
Maximum allocation, $2 million. Minimum allocation, $1 million. Applicants providing matching funds from sources other than impact fees on residential development will receive priority.
Eligible Activities
Loans for construction of rental housing projects with units restricted for at least 55 years to households earning less than 60 percent of area median income, and for downpayment assistance to qualified first-time homebuyers.
Eligible Applicants
Cities, counties, and cities and counties with adopted housing elements that HCD has determined comply with housing element law, and charitable nonprofit organizations.
Application Procedure
HCD expects to issue a Notice of Funding Availability (NOFA) in the fall of 2008. For new LHTFs, HCD may consider applications and determine their eligibility for funding in the order received. For existing LHTFs, HCD may consider applications and determine their eligibility in the order received, or rate applications based on competitive criteria consistent with funding priorities of the Multifamily Housing Program (MHP). Funding will also be set aside for new funds in small counties.
Contact
Ben Dudek at (916) 445-6508 or bdudek@hcd.ca.gov