Fresno is set to follow many other cities across California and establish a local housing trust fund.
Following a late-June decision to allocate $1.5 million of real estate tax revenue to establishing the Local Housing Trust Fund, the Fresno City Council is expected to make it official on Thursday.
The city council is also scheduled to direct city staff to apply for matching funds of an additional $1.5 million from the state’s total pot of $57 million for local housing trust funds.
Once approved, the city will establish a Notice of Funding Availability process to award and disburse funds. The city council will have the final say in all projects through the trust fund.
Eligible projects will immediately include new construction of affordable rental housing – aimed at households earning below 60 percent area median income. At least 30 percent of those units will be reserved for households that are at 30 percent area median income or lower.
The city will reevaluate the guidelines after a year to determine if they should be changed to better meet the needs of the community.
Nonprofit housing developers and for-profit developers that are working in partnership with a nonprofit will be generally eligible to apply to the city for resources from the housing trust fund.
Other eligible uses of funds from the state include construction and rehabilitation of the following:
- Affordable rental and ownership housing
- Emergency shelters
- Permanent supportive housing
- Transitional housing
- Accessory dwelling units
The funds can also be used for down-payment assistance.