TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: David Chantarangsu, AICIP, Development Services Director
PREPARED BY: Carl Stiehl, City Planner
SUBJECT:
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Lasting Affordability Program Grant Award and Memorandum of Understanding
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RECOMMENDATION
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Adopt Resolution No. 25-4831, entitled: A Resolution of the City Council of the City of Murrieta authorizing the receipt of Lasting Affordability Program Grant funds in the amount of $4,100,000, in order to establish a revolving loan fund for the City's Housing Authority;
Authorize the City Manager to sign a Memorandum of Understanding with the Southern California Association of Governments to develop the revolving loan fund for the City's Housing Authority in order to receive the program grant funds; and
Direct staff to prepare a revolving loan fund program for the City's Housing Authority to receive the $4,100,000 grant award from the Southern California Association of Governments.
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PRIOR ACTION/VOTE
None.
CITY COUNCIL GOAL
Plan, program and create infrastructure development.
BACKGROUND
In the summer of 2023, the California Department of Housing and Community Development (HCD) formally awarded the Southern California Association of Governments (SCAG) $246 million in Regional Early Action Planning (REAP) grants to accelerate progress toward housing goals and climate commitments by strengthening the partnership between the State, its regions, and local entities. The 2023 REAP funding is referred to as REAP 2.0.
SCAG made available $45 million of REAP 2.0 funding to establish the Lasting Affordability Program in order to solicit proposals for innovative housing finance, trust funds, catalyst funds, and new permanent funding sources to assist affordable housing development in the SCAG region. Working with the City's grants team, Development Services staff applied for a grant to establish a revolving loan fund on behalf of the City's Housing Authority (Authority...
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