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 submit an application to receive a 2022 HCD Local Housing Trust Fund (LHTF) program grant. HCD anticipates LHTF program grant award announcements in August 2022.
The City of Palo Alto is applying for an award of $3.4 million dollars(PDF, 661KB) and City Council designated the necessary local matching funds. If awarded, Palo Alto will target these 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
If awarded, City Council pre-approved the following new affordable multi-family residential rental housing projects for LHTF funding:
Want to Learn More?
If Palo Alto is awarded a 2022 HCD LHTF program grant, City Council authorized the Planning and Development Services Department to serve as administrator. Contact the Long Range Planning Division for more information on the LHTF grant program application and pre-approval for LHTF funding.
Long Range Planning