City Council

(27) 17-1352-S1 HOUSING AND HOMELESSNESS COMMITTEE REPORT relative to a request for authority to accept and expend the 2023 Community Development Grant from First Citizens Bank for the Low Income Purchase Assistance (LIPA) Homeownership Program, and to apply for a seventh grant in 2024. Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: AUTHORIZE the General Manager, Los Angeles Housing Department (LAHD), or designee, to accept and expend the 2023 Community Development Grant of $200,000 awarded to the LAHD by First Citizens Bank, for its LIPA Homeownership Program. AUTHORIZE the Controller to: Appropriate $200,000 into Account No. 43P647 LIPA - OneWest Bank Grant, within the LAHD Small Grants and Awards Fund No. 49N, for the Community Development Grant funds from First Citizens Bank. Appropriate into Account No. 43P648 LIPA - OneWest Bank Loan Repayment, within Fund No.49N, upon receipt of program income from loan repayments and shared appreciation. Expend funds from the above accounts upon proper written demand of the General Manager, LAHD, or designee. AUTHORIZE the General Manager, LAHD, or designee, to submit an application for the 2024 Community Development Grant of $400,000 to First Citizens Bank, for the LIPA Homeownership Program. AUTHORIZE the General Manager, LAHD, or designee, to prepare Controller instructions and any necessary technical adjustments consistent with Mayor and City Council actions, subject to the approval of the City Administrative Officer (CAO); and, request the Controller to implement the instructions. Fiscal Impact Statement: The LAHD reports that there is no impact on the General Fund. The recommendations in this report will authorize the LAHD to accept and expend the 2023 First Citizens Bank Community Development Grant of $200,000 to assist more low-income homebuyers and apply for a 2024 First Citizens Bank Community Development Grant of $400,000 for the LIPA.