TITLE:
title
APPROPRIATION OF FUNDS FOR THE REHABILITATION OF RENTAL UNITS AT THE JAMES/18TH STREET APARTMENTS
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DEPARTMENT: CITY MANAGER
PRESENTED BY: NATE ROBBINS, NEIGHBORHOOD IMPROVEMENT MANAGER
CONTACT INFORMATION: NATE ROBBINS, 714-754-5274
RECOMMENDATION:
recommendation
Appropriate and transfer $200,000 from the Housing Trust Fund (Fund 226) to the Costa Mesa Housing Authority James/18th Street Property Fund (Fund 223) to rehabilitate four (4) rental housing units at the James/18th Street apartments.
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BACKGROUND:
On April 2, 2024, the City Council provided direction for the creation of the Housing Trust Fund to be used for the development of affordable housing. The FY 2024-25 Adopted Budget included a transfer of approximately $2.47 million from American Rescue Plan Act (ARPA) funds into the Housing Trust Fund and the transfer was completed before the deadline of December 31, 2024. Staff is recommending a reallocation of the ARPA dollars in the Housing Trust Fund to the Costa Mesa Housing Authority James/18th Street Property Fund to rehabilitate vacant rental housing units located at the James/18th Street apartments in Costa Mesa.
ANALYSIS:
Housing Trust Fund
The Housing Trust Fund was created to address housing affordability within the City of Costa Mesa and has a current fund balance of approximately $2.35 million, of which $2.1 million has been pledged to support the Jamboree Senior Center Housing project. Staff is requesting an appropriation and transfer of $200,000 from the Housing Trust Fund to the Costa Mesa Housing Authority James/18th St Property Fund for the rehabilitation of low-income rental units at the James/18th Street apartments.
James/ 18th Street Apartments
The James/18th Street apartments are a combined 30 rental units located within eight (8) separate buildings that are owned and operated by the City of Costa Mesa Housing Authority (CMHA). All 30 rental units are deed-restricted affordable units and must therefore be ...
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