TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: David Chantarangsu, AICP, Development Services Director
PREPARED BY: Carl Stiehl, City Planner
SUBJECT:
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Murrieta Housing Authority Revolving Loan Fund
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ABSTRACT
The Revolving Loan Fund will provide short-term loans to affordable housing projects in the City. The program is designed to provide construction financing in the form of low-interest, short-term loans providing early-stage and gap financing for qualifying projects in the City. Loan repayments are reinvested into future projects, creating a sustainable, ongoing funding source for affordable housing in Murrieta. Staff is returning to the City Council for authorization to approve loans utilizing the approved RLF program.
RECOMMENDATION
recommendation
Adopt Resolution No. 26-4914 entitled: A Resolution of the City Council of the City of Murrieta Authorizing the City's Housing Authority to Establish a Revolving Loan Fund;
Approve the establishment of the RLF Program for the Authority to be managed by Authority staff and the Executive Director;
Authorize staff and the Executive Director to approve loans consistent with program requirements and execute all necessary documents for the RLF program; and
Direct staff to report annually to the City Council on the Revolving Loan Fund Program as part of the City's annual housing reporting to the State.
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PRIOR ACTION/VOTE
On May 6, 2025, the City Council authorized the City Manager to sign a Memorandum of Understanding (MOU) with the Southern California Association of Governments (SCAG) to develop a revolving loan fund (RLF) for the City's Housing Authority (Authority) in order to receive program grant funds and directed staff to develop a RLF to receive the grant award (Vote: 5-0).
CITY COUNCIL GOAL
Plan, program and create infrastructure development.
DISCUSSION
Background
Following confirmation in the 2024 State Budget that the $4.1 million SCAG grant awarded to th...
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