City Council

5. AUTHORIZING THE SUBMISSION OF AN APPLICATION FOR THE\nCALIFORNIA STATE DEPARTMENT OF HOUSING AND COMMUNITY\nDEVELOPMENT'S LOCAL HOUSING TRUST FUND (LHTF) GRANT\nPROGRAM; AND\nRESOLUTION OF THE COUNCIL OF THE CITY OF BEVERLY HILLS\nCONDTIONALLY APPROVING A TRANSFER IN THE AMOUNT OF UP TO\n$5,000,000 FROM THE GENERAL FUND TO THE AFFORDABLE HOUSING\nTRUST FUND, EARMARKING PORTIONS OF CERTAIN FUTURE PUBLIC\nBENEFIT CONTRIBUTION PAYMENTS TO THE AFFORDABLE HOUSING\nTRUST FUND; AND ADOPTING GUIDELINES AND UNDERWRITING\nSTANDARDS FOR LOANS CONTEMPLATED BY THE LOCAL HOUSING\nTRUST FUND (LHTF) GRANT PROGRAM.\nComment: Staff recommends City Council approve two resolutions related to future\naffordable housing development. The first resolution authorizes Staff to submit a\ngrant application to the California Department of Housing and Community\nDevelopment. The second resolution (a) authorizes Staff to transfer up to $5 million\nin matching funds from the General Fund to the Affordable Housing Trust Fund, (b)\nearmarks $100,000 from each of the five remaining public benefit contribution\npayments from the 9900 Wilshire development agreement, and (c) adopts\nguidelines and underwriting standards for loans disbursed by the grant program.\nThese actions make the City eligible for up to $5 million in grant funding for future\naffordable housing projects.\nAPPROVAL OF: