Agenda Item Wording:
title
Permanent Local Housing Allocation (PLHA) 5-year Plan: Develop FY 2025/26 - 2029/30 plan and amend FY 2024/25.
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Deadline for Action: 12/3/2024
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Margie Perez, Housing Specialist, (559) 713-4460; margie.perez@visalia.city; Melody Murch, Assistant Finance Director, (559) 713-4379; melody.murch@visalia.city; Renee Nagel, Finance Director, (559) 713-4375; renee.nagel@visalia.city
Department Recommendation:
1. Direct staff to prepare a draft 5-year PLHA plan based on Council recommendations tonight.
2. Direct staff to publish the draft 5-year plan for public input and bring back for a public hearing and possible changes before adoption (resolution required).
3. Direct staff to prepare a FY 2024/25 PLHA amendment to include 40% to an Affordable Owner-Occupied Workforce Housing (AOWH) activity.
Background Discussion:
The Permanent Local Housing Allocation Plan (PLHA) was created by State housing legislation that passed in 2017 to address the shortage of affordable housing in California. In 2017, Governor Brown signed a 15-bill housing package aimed at addressing the state's housing shortage and high housing costs. Specifically, it included the Building Homes and Jobs Act (SB 2, 2017), which established a $75 recording fee on real estate documents to increase the supply of affordable homes in California. The revenue from SB 2 will vary from year to year, as revenue is dependent on real estate transactions with fluctuating activity. The legislation directs the California Department of Housing and Community Development (HCD) to use 70% of the revenue collected, beginning in calendar year 2019, to provide financial assistance to local governments for eligible housing-related projects and programs to assist in addressing the unmet housing needs of their local communities. This program is hereafter referred to as the Perman...
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