RESOLUTION TO ACCEPT CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT (HCD) LOCAL HOUSING TRUST FUNDS (LHTF) MATCHING GRANT FOR CREATION, REHABILITATION, OR PRESERVATION OF AFFORDABLE HOUSING [S. CAMPBELL, A. BARTLE]

AI Summary

Using a $5 million grant from the California Department of Housing and Community Development, this proposal aims to bolster affordable housing in West Hollywood by adding funds to the city's Affordable Housing Trust Fund. This initiative is crucial for addressing housing affordability, potentially benefiting low to moderate-income residents by increasing the availability of affordable housing options.

How does this affect you?

For West Hollywood residents, this grant means there will be more resources available to create or preserve affordable housing units. This could lead to more affordable rental options for those struggling with high housing costs, potentially reducing the financial burden on low-income families and individuals. Homeowners might see a stabilization in property values as the city addresses housing shortages, while renters could benefit from increased availability of affordable units.

Fiscal impact

$5,000,000 grant

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