To: Board of Supervisors
From: Planning and Building Department
Agenda Section: Consent
SUBJECT:
title
Authorize the Auditor Controller to Create a Dedicated, Interest-bearing Trust Account for the Permanent Local Housing Allocation (PLHA)
end
RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Authorize Auditor Controller to create a dedicated, interest-bearing trust account in compliance with the PLHA grant to receive and disburse eligible funds and receive re-payments on loans issued through the PLHA grant.
Body
SOURCE OF FUNDING:
State of California Permanent Local Housing Allocation (PLHA) grant
DISCUSSION:
Humboldt County applied for and received grant money from the State of California Permanent Local Housing Allocation (PLHA) grant. To receive these funds, the county must set up an interest-bearing checking or savings account insured by the federal or state government (See attachment, Page 8, section 4.B). Staff is asking that your Board authorize the Auditor to set up an account as required by the funder.
The county applied for and received a 5-year allocation. Humboldt County has been awarded $344,448 for the first year. The estimated 5-year allocation may not exceed $2,066,693. This fund provides compliance with Exhibit D (7) (a) which states "PLHA loan and any interest thereon shall be repaid to the Local government's PLHA account. The Local government shall reuse the repayments consistent with the Eligible Activities per Section 301 of the guidelines..." Eligible uses of these funds include predevelopment, development, acquisition, rehabilitation, and preservation of multifamily, residential live-work, rental housing that is affordable to extremely low-, very low-, low, or moderate-income households, including necessary operating subsidies. Other eligible uses are outlined in Exhibit A of the attached PLHA Standard Agreement.
FINANCIAL IMPACT:
The costs to prepare the grant are borne by the existing Gener...
Click here for full text