July 15, 2010

HTF awarded $1.5 million LHTF Grant

The San Luis Obispo County Housing Trust Fund has received approval for a $1.5 million grant from the California Department of Housing and Community Development (HCD). The grant is being made under the Local Housing Trust Fund Matching Grant Program (LHTF). LHTF funds come from Proposition 1C, which the voters approved in 2006. Proposition 1C authorized the sale of $2.85 million in state bonds for affordable housing.

“The LHTF award is by far the largest grant that the Housing Trust Fund has received to date,” noted Jerry Rioux, the Housing Trust Fund’s executive director. “All of the LHTF funds will be added to our revolving loan funds and be used to finance affordable housing in San Luis Obispo County.”

The Housing Trust Fund applied for this grant in February 2009 and received a competitive ranking in May of that year. Unfortunately, the award was delayed by more than a year due to the state budget crisis. It is not known when the LHTF funds will actually become available.

The funds will only be available for use in jurisdictions that had an HCD-certified housing element when we applied for the funds. LHTF funds may not be used in Atascadero or Pismo Beach. All other areas of the county are eligible for funds.

Any project that receives LHTF funds will be required to must comply with state prevailing wage and relocation requirements. Projects may also be required to record affordability covenants or deed restrictions.

LHTF Program Downloads

• LHTF Workshop Presentation (PowerPoint)

• LHTF Workshop Presentation (PDF)

• LHTF Program Guidelines (final)

• LHTF Award Letter

• HCD LHTF Website (includes regulations)