INTER-OFFICE MEMORANDUM February 17, 2021
TO: Cynthia Borrego, President, City Council
FROM: Timothy M. Keller, Mayor
SUBJECT: title
2020 Workforce Housing Trust Fund Report
body
The 2020 Workforce Housing Trust Fund (WHTF) Report provides a summary of the overall achievements of the WHTF Program for calendar year 2020, and provides an in-depth look into what makes the program so successful.
WHTF dollars are often used as gap financing for multi-million dollar housing development projects. These funds make it easier for housing developers to bring in other investors and reduce the amount of high interest loan that they would otherwise have to take. This in addition to allowing the developers to incorporate long term energy efficient amenities into their designs help keep the housing affordable for longer periods of time.
The Workforce Housing Trust Fund Program is funded by a biannual voter approved
City bond. From 2007 through 2019, $45,738,000 of WHTF bonds have been
approved to further affordable housing opportunities. The City’s Department of
Family and Community Services has administered the funds by contracting with non-
profit developers to create new housing opportunities. Along with its federal grants,
the City has committed approximately $44 Million of WHTF to leverage more than
$300 Million in project activities.
SUBJECT: 2020 Workforce Housing Trust Fund Report
Approved: Approved as to Legal Form:
_______________________ ___________ ____________________________ __________
Sarita Nair Date Esteban A. Aguilar, Jr. Date
Chief Administrative Officer City Attorney
Recommended:
_________________________________ _______________
Carol Pierce, Director Date
Family & Community Services