Local Housing Trust Fund Program Grant
State of California Housing and Community Development (HCD) Local Housing Trust Fund (LHTF) Program Grant
On May 23, 2022, City Council approved a Resolution(PDF, 255KB) that authorized the Planning and Development Services Department to apply for a $3.4 million 2022 HCD Local Housing Trust Fund (LHTF) program grant. City Council also designated the necessary $3.4 million(PDF, 661KB) in local matching funds from the City's existing Affordable Housing Fund. Palo Alto was awarded the $3.4 million LHTF program grant on October 11, 2022.
Palo Alto will target these City local matching funds and LHTF funds toward permanent financing loans for new affordable multi-family residential rental housing projects. To qualify for these funds, these new housing projects must:
- Use a maximum of 70% of City and LHTF funds to target housing units for residents with incomes at or below 60% of area median income (AMI),
- Use a minimum of 30% of City and LHTF funds to target housing units for residents with incomes at or below 30% AMI, and
- Establish income and rent restrictions for no less than 55 years.
Affordable Housing Pipeline Projects Pre-Approved for 2022 HCD Local Housing Trust Fund (LHTF) Program Grant Funds
City Council pre-approved the following new affordable multi-family residential rental housing projects for LHTF funding:
Want to Learn More?
Contact the Long Range Planning Division for more information on the LHTF grant program and pre-approval for 2022 LHTF and future LHTF funding.
Long Range Planning