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Chapter 6.8. Federal Housing Trust Fund of California Health And Safety Code >> Division 31. >> Part 2. >> Chapter 6.8.
(a) The department is hereby designated as the state agency
responsible for administering funds received by the state from the
federal Housing Trust Fund pursuant to the Housing and Economic
Recovery Act of 2008 (Public Law 110-289), and implementing federal
regulations.
(b) The department shall administer the funds through any existing or newly created programs that produce, preserve, rehabilitate, or support the operation of rental housing for extremely low income and very low income households, except that up to 10 percent of funding may be used to support home ownership for extremely low income and very low income households. Any rental project funded from the federal Housing Trust Fund shall restrict affordability for 55 years through a recorded and enforceable affordability covenant. Any home ownership program funded from the federal Housing Trust Fund shall restrict affordability for 30 years through either a recorded and enforceable affordability covenant or a recorded and enforceable equity recapture agreement.
(c) The department shall collaborate with the California Housing Finance Agency to develop an allocation plan to demonstrate how the funds shall be distributed, based on the priority housing needs identified in the state's consolidated plan prepared in accordance with Part 91 (commencing with Section 91.1) of Subtitle A of Title 24 of the Code of Federal Regulations. The department shall submit the plan to the Assembly Committee on Housing and Community Development and the Senate Transportation and Housing Committee 30 days after receipt of the federal funds.
(d) The allocation plan and guidelines shall give priority to projects based on:
(1) Geographic diversity.
(2) The extent to which rents are affordable, especially to extremely low income households.
(3) The merits of a project.
(4) Applicants readiness.
(5) The extent to which projects will use nonfederal funds.
(b) The department shall administer the funds through any existing or newly created programs that produce, preserve, rehabilitate, or support the operation of rental housing for extremely low income and very low income households, except that up to 10 percent of funding may be used to support home ownership for extremely low income and very low income households. Any rental project funded from the federal Housing Trust Fund shall restrict affordability for 55 years through a recorded and enforceable affordability covenant. Any home ownership program funded from the federal Housing Trust Fund shall restrict affordability for 30 years through either a recorded and enforceable affordability covenant or a recorded and enforceable equity recapture agreement.
(c) The department shall collaborate with the California Housing Finance Agency to develop an allocation plan to demonstrate how the funds shall be distributed, based on the priority housing needs identified in the state's consolidated plan prepared in accordance with Part 91 (commencing with Section 91.1) of Subtitle A of Title 24 of the Code of Federal Regulations. The department shall submit the plan to the Assembly Committee on Housing and Community Development and the Senate Transportation and Housing Committee 30 days after receipt of the federal funds.
(d) The allocation plan and guidelines shall give priority to projects based on:
(1) Geographic diversity.
(2) The extent to which rents are affordable, especially to extremely low income households.
(3) The merits of a project.
(4) Applicants readiness.
(5) The extent to which projects will use nonfederal funds.
(a) The departments shall convene a stakeholder process to
inform the development of the allocation plan. Stakeholders
represented shall include, but not be limited to, organizations that
provide rental housing for extremely low income households and very
low income households or assist extremely low income households and
very low income households to become homeowners.
(b) The department may adopt, amend, or repeal guidelines to implement this chapter. Any guidelines adopted to implement this chapter shall not be subject to Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code.
(b) The department may adopt, amend, or repeal guidelines to implement this chapter. Any guidelines adopted to implement this chapter shall not be subject to Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code.
