INTER-OFFICE MEMORANDUM September 19, 2024
TO: Dan Lewis, President, City Council
FROM: Timothy M. Keller, Mayor
SUBJECT:
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FY24 Workforce Housing Trust Fund Report
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The Fiscal Year 2024 Workforce Housing Trust Fund (WHTF) Report provides a summary of the overall achievements of the WHTF Program from July 2023 through June 2024, and provides an in-depth look into what makes the program so successful.
WHTF dollars are often used as 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 loans that they would otherwise have to take. Additionally, developers incorporate long-term energy efficient amenities into their designs, providing additional affordability for residents of these communities.
The Workforce Housing Trust Fund Program is funded by a biannual voter approved City bond. From 2007 through June of 2024, $56,536,000 of WHTF bonds have been approved to further affordable housing opportunities. The City’s Department of Health, Housing & Homelessness (fka- Family & 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 $50.6 Million of WHTF to leverage more than $452 Million in project activities.
This request is forwarded to the Council for consideration and approval.
FY24 Workforce Housing Trust Fund Report
Approved: Approved as to Legal Form:
_______________________ ____________________________
Samantha Sengel, EdD Date Lauren Keefe Date
Chief Administrative Officer City Attorney
Recommended:
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Gilbert Ramirez Date
Director