Housing and Homelessness Committee recommends adoption of a Resolution of the City of Riverside, California, authorizing the creation of a Local Affordable Housing Trust Fund to address the most critical affordable housing needs with three different section numbers for federal, state, and local resources - A Resolution of the City of Riverside, California, authorizing the submission of an application for, and acceptance of any funds from, the Prohousing Incentive Program Round Two Program administered through the State of California Department of Housing and Community Development and authorizing the execution of necessary grant documents by the City Manager, or designee - Waive further readings - Create a Local Housing Trust Fund with three different section numbers for federal, state, and local resources - Annually record an appropriation and interfund transfer of future program income from the HOME Investment Partnerships Program Fund, Neighborhood Stabilization Program Fund and the Development Grants Fund, CalHome accounts to the new Local Housing Trust Fund - Record a supplemental appropriation and interfund transfer of $1,500,000 from the Development Grants Fund, Permanent Local Housing Allocation account to the new Local Housing Trust Fund - Record future supplemental appropriations and interfund transfers equal to 50 percent of future land sale proceeds of City-owned properties originally purchased with General Fund resources to the new Local Housing Trust Fund - Submit an application for the Prohousing Incentive Program Round 2 grant funds to be used as Local Housing Trust Fund matching funds - Accept and receive such funds and to execute any documents necessary to secure the Prohousing Incentive Program Round 2 grant fund award and administer the Prohousing Incentive Pilot Program grant - Upon grant award and with at least five affirmative votes, authorize the Chief Financial Officer, or designee, to record an increase in revenue and supplemental appropriation in an amount up to $1,500,000 in the Local Housing Trust Fund, Pro-Housing Incentive Program 2 - Record future supplemental appropriations as needed in the new Local Housing Trust Fund to issue loans in alignment with the purposes of the loan program and within the parameters described in the staff report - Supplemental appropriations - Interfund Transfers - Five affirmative votes required (Housing and Human Services) (All Wards) (10-minute presentation)

DISCUSSION CALENDAR Agenda Ready Introduced February 22, 2024

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