HomeMy WebLinkAboutAGENDA REPORT 2025 0604 CC REG ITEM 09CCITY OF MOORPARK, CALIFORNIA
City Council Meeting
of June 4, 2025
ACTION APPROVED STAFF
RECOMMENDATION, INCLUDING
ADOPTION OF RESOLUTION NO. 2025-
4321. (ROLL CALL VOTE: 4-0,
COUNCILMEMBER MEANS ABSENT)
BY A. Hurtado.
C. Receive a Presentation from the Housing Trust Fund Ventura County and
Consider Request for Contribution and an Associated Resolution Amending the
Fiscal Year 2024/25 Budget to Allocate $200,000 from the City Affordable Housing
Fund (2121). Staff Recommendation: Authorize a one-time $200,000 financial
contribution to the Housing Trust Fund Ventura County for Fiscal Year 2024/25
and adopt a resolution amending the Fiscal Year 2024/25 budget to appropriate
$200,000 from the City Affordable Housing Fund (2121) for contribution to the
Housing Trust Fund Ventura County. (Staff: April Rosser, Management Analyst
- Housing) (ROLL CALL VOTE REQUIRED)
Item: 9.C.
MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Doug Spondello, Community Development Director
BY: April Rosser, Housing Management Analyst
DATE: 06/04/2025 Regular Meeting
SUBJECT: Receive a Presentation from the Housing Trust Fund Ventura County
and Consider Request for Contribution and an Associated Resolution
Amending the Fiscal Year 2024/25 Budget to Allocate $200,000 from
the City Affordable Housing Fund (2121)
BACKGROUND
The Housing Trust Fund Ventura County (HTFVC), formerly the Ventura County Housing
Trust Fund, was established to support affordable housing development. During times of
limited resources, housing trust funds can attract capital from non-traditional housing
sources. By leveraging private investments alongside foundation and public agency
funds, they create a revolving loan fund dedicated to expanding affordable and workforce
housing. Housing trust fund loans are often issued early in the development cycle, before
traditional financing is available, providing both financial support and credibility to attract
other conventional funding. These funds offer flexibility, allowing loans to be issued at
any stage of a project's development as needed and to address gaps in traditional funding
cycles. These loans also generate interest, which in turn helps grow the fund and expand
the fund’s ability to produce additional affordable housing.
With the City Council’s ongoing consideration of contributions to HTFVC, the following is
a summary of key actions and funding decisions made over the years:
• On July 6, 2011, the City Council approved a $50,000 contribution to HTFVC from
the City Affordable Housing Fund (2121), to be disbursed over five years, marking
the beginning of HTFVC’s revolving loan fund. Subsequently, on December 7,
2011, the City Council approved a revised operational request and authorized the
$50,000 contribution to be paid in two annual installments. On February 1, 2012,
Item: 9.C.
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the Council authorized a budget amendment to allocate $25,000 for Fiscal Year
2011/12 and $25,000 for Fiscal Year 2012/13.
• On February 18, 2015, the City Council received a presentation and funding
request from HTFVC in the amount of $25,000; the request was not approved.
• A subsequent request for $100,000 was presented on July 19, 2017, to the City
Council, the request was not approved.
• On March 4, 2020, the City Council approved a $100,000 contribution to HTFVC,
to be distributed in two $50,000 installments from Fiscal Years 2019/20 and
2020/21.
Since its inception, HTFVC loans have helped create 1,829 housing units throughout
Ventura County, including the Walnut Street Apartments developed by the Area Housing
Authority. For that project, HTFVC provided three loans totaling $1.6 million. The
development known as Walnut Canyon Apartments includes 24 affordable units and is
located at the corner of Walnut and Everett Streets in Moorpark.
DISCUSSION
Nearly all developments require financing, and with limited funding sources, leveraging
financing is an important factor in building affordable housing. HTFVC provides below-
market interest rate loans to affordable housing developers, utilizing funds not traditionally
allocated for housing development. Since its inception in 2011, HTFVC has raised over
$50 million and has provided $47.8 million in loans for affordable housing developments.
In 2024, HTFVC funded $14 million in predevelopment and construction loans. Looking
ahead, new developments are in progress, with an estimated $17 million in loans
projected for the first half of 2025. Beginning in 2025, HTFVC plans to introduce a 15–
16 year Receipts Residual Loan designed to help developers earn critical Low-Income
Housing Tax Credit (LIHTC) bonus points. A $5 million REAP 2.0 grant has been secured
to initiate the program from the State Department of Housing and Community
Development (HCD).
Due to ongoing uncertainty in federal and state funding, identifying local solutions has
become increasingly important to support the development of affordable housing. The
City of Moorpark is being asked to consider a one-time investment of $200,000 into the
Housing Trust Fund Ventura County for Fiscal Year 2024/25. This funding would be
leveraged through HTFVC’s existing regional programs to support housing initiatives for
low-income individuals and families (see Attachment 2).
This proposed contribution aligns with the City’s 2021–2029 Housing Element goal
(Program 6) of evaluating the feasibility of establishing a local housing trust fund. Rather
than creating and administering a city-specific trust fund (which could require significant
staffing, operational resources, and expertise), participating in the established and
regionally coordinated HTFVC may offer a more efficient means of achieving that goal.
By leveraging HTFVC’s infrastructure, experience, and access to broader funding
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sources, the City can effectively support affordable housing development while
maximizing the return on its local investment.
The full description of Program 6 is included below:
ENVIRONMENTAL DETERMINATION
This action is exempt from the California Environmental Quality Act (CEQA) as it does
not constitute a project, as defined by Section 15378 of the State CEQA Guidelines.
Therefore, no environmental review is required.
FISCAL IMPACT
At present, funding for this request has not been included in the FY 2024/25 Budget. The
City’s available fund balance set aside for Affordable Housing (Fund 2121) as of April 30,
2025, is $3,438,629. Therefore, sufficient funds exists to allocate an aggregate amount
of $200,000 from Fiscal Year 2024/25 for contribution to the HTFVC and this use aligns
with the purpose of Fund 2121.
COUNCIL GOAL COMPLIANCE
This action supports Goal 1, Objective 1.4 Housing Trust Fund Development in that it
provides funding to promote the development of affordable housing within Ventura
County, including the City of Moorpark.
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STAFF RECOMMENDATION (ROLL CALL VOTE REQUIRED)
Authorize a one-time $200,000 financial contribution to the Housing Trust Fund Ventura
County for Fiscal Year 2024/25 and adopt a resolution amending the Fiscal Year 2024/25
budget to appropriate $200,000 from the City Affordable Housing Fund (2121) for
contribution to the Housing Trust Fund Ventura County.
Attachment 1: Draft Resolution No. 2025-___
Attachment 2: HTFVC Request for Contribution
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ATTACHMENT 1
RESOLUTION NO. 2025-____
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AMENDING THE FISCAL
YEAR 2024/25 BUDGET TO APPROPRIATE $200,000
FROM THE CITY AFFORDABLE HOUSING FUND (2121)
FOR CONTRIBUTION TO THE HOUSING TRUST FUND
VENTURA COUNTY
WHEREAS, on June 19, 2024, the City Council adopted the Operating and Capital
Improvement Projects budget for fiscal year (FY) 2024/25; and
WHEREAS, the 2021-2029 Certified General Plan Housing Element included
Program 6: Affordable Housing Trust Fund to establish the feasibility of establishing a
local housing trust fund to help address the gaps in funding; and
WHEREAS, a staff report has been presented to the City Council requesting
approval of a contribution to Housing Trust Fund Ventura County (HTFVC) in the amount
of $200,000, to be paid in FY 2024/25; and
WHEREAS, a budget amendment of $200,000 from the City Affordable Housing
Fund (2121) is needed for the FY 2024/25 contribution; and
WHEREAS, Exhibit “A”, attached hereto and made a part hereof, describes said
budget amendment and the resultant impact to the budget line item.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES
HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The total contribution of $200,000 to the Housing Trust Fund Ventura
County to be paid in FY 2024/25 is hereby approved.
SECTION 2. The City Clerk shall certify to the adoption of this resolution and shall
cause a certified resolution to be filed in the book of original resolutions.
PASSED AND ADOPTED this 4th day of June, 2025.
________________________________
Chris R. Enegren, Mayor
ATTEST:
___________________________________
Ky Spangler, City Clerk
Exhibit A: Budget Amendment 177
FUND BALANCE ALLOCATION:
Fund Title Unassigned Fund Bal Revision Amended Balance
CITY AFFORDABLE HOUSING FUND 3,438,629.00$ (200,000.00)$ 3,238,629.00$
Total 3,438,629.00$ (200,000.00)$ 3,238,629.00$
EXPENDITURE APPROPRIATION:
Account Number Current Budget Revision Amended Budget
2121-422-00000-56990 1,500.00$ 200,000.00$ 201,500.00$
-$ -$
-$ -$
-$ -$
Total 1,500.00$ 200,000.00$ 201,500.00$
EXHIBIT A
BUDGET AMENDMENT FOR
CITY AFFORDABLE HOUSING FUND CONTRIBUTION
FY 2024/2025
TO HOUSING TRUST FUND VENTURA COUNTY
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BOARD OFFICERS
Chair
Ken Trigueiro
People’s Self-Help Housing Corp.
Vice Chair
Elenore Vaughn
Housing Authority of the City of
Santa Paula
Treasurer
Karen Flock
Housing Authority of the City of
San Buenaventura
Secretary
Derrick Wada
Cabrillo Economic Development
Corporation
Former Chair
Tracy McAulay
County of Ventura
Chair -Housing Land Trust Ventura
County
Alex Russell
Homes & Hope
Chair Emeritus
Dawn Dyer
Dyer Sheehan Group, Inc.
Advisor
Mary Ann Krause, AICP
Urban Planner
BOARD OF DIRECTORS
Elsa Brown
City of Oxnard
Maruja Clensay
City of San Buenaventura
Garry Collett
California Commercial Investment
Group
Angel Garcia
County of Ventura
Sarah McCarthy-Garcia
McCarthy Companies
Anthony Mireles
Laborers Int’l Union Local 585
Sean Morreale
Bank Executive
Cathi Nye
V.C. Office of Education
Lynn Oshita
City of Thousand Oaks
Stratis Perros
City of Simi Valley
Mark Pettit
Lauterbach & Associates
Architects
CHIEF EXECUTIVE OFFICER
Linda Braunschweiger
January 22, 2025
Troy Brown
City Manager
City of Moorpark
799 Moorpark Avenue
Moorpark, CA 93030
Dear Troy,
I hope this finds you well and safe. Today I am reaching out to all ten
cities and the County on behalf of the Housing Trust Fund Ventura
County (HTFVC), with an urgent regional need for lending capital for the
development of affordable housing. We ask that the City of Moorpark
consider reinvesting in the HTF Revolving Loan Fund with a commitment
of $200,000 for (FY24/25). Previously, the City of Moorpark invested
$50,000 in 2012 and then a $100,000 investment spread over FY19/20
and FY20/21 fiscal years.
The lack of affordable housing has become a significant challenge for our
communities, impacting diverse groups, from young families to seniors.
We believe that addressing this issue requires a collaborative effort,
involving both public and private sectors, on a countywide basis. After
many years of very little development in CA, particularly affordable
housing development, in 2024 HTFVC had a record year funding $14M in
predevelopment and construction loans. Our pipeline for the first six
months of 2025 is approximately $17M. New developments are finally
moving forward. However, due to uncertain funding for affordable
housing at the Federal and State levels it is critical that we find ways to
fund more units here at the local level.
Sadly, for far too many in our community today, homes are not a clean,
safe or affordable place to gather. HTFVC is an independent 501(c)(3)
non-profit, and a State and Federal certified Community Development
Financial Institution, with the goal to change this dynamic. Our mission is
to support more housing choices, by generating and leveraging financial
resources, working in partnership with public (with investments made by
ATTACHMENT 2
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all ten cities and the County), private, and charitable investments throughout Ventura County
providing below market interest rate funding. HTFVC places a priority on funding housing
targeted toward extremely low and low income, Farmworkers, Homeless, Veterans, Seniors,
and youth transitioning from Foster Care. Funds can also be used for residents earning up to
120% of AMI.
In 2023, Ventura County was the number one county in the U.S. with the least number of
available affordable units based on a survey done by the National Realtors Association.
Affordable housing is a countywide problem needing a countywide solution. Since our
inception in 2011, HTFVC has raised over $45M, lent $41M to affordable housing
developments, and produced 1829 new units of workforce affordable housing countywide. The
key to our success is our ability to leverage public, private and charitable funds, increasing our
lending capital significantly. HTFVC provides short term, below market interest rate loans to
developers (nonprofit and for profit) producing new affordable housing through our “Revolving
Loan Fund”.
Our loan products’ terms range from 6 months to 5 years for pre-development, acquisition,
construction, and gap/bridge funding. Beginning in 2025, HTFVC will be offering a new 15-16 year
Receipts Residual loan to help developers earn the critical LIHTC bonus points. HTFVC received a
$5M REAP II grant to begin funding this program.
One of the strengths of the housing trust fund model it our ability to be flexible and address the
special needs of our community and the developers to make a deal successful. Since 2020,
developers have seen double and tripling of their construction budgets with significant interest rate
and insurance cost escalation. HTFVC has been able to assist with short term bridge loans until
permanent financing ensuring the development is able to open its doors.
The Housing Trust Fund model is unique for the very reason that it is able to leverage funds from
investors not traditionally funding affordable housing (example: Mechanics Bank $1.5M Equity
(EQ2) Investment, Weingart Foundation $1.5M Program Related Investment (PRI), City National
Bank $1M, Mission Bank $1M, Montecito Bank $1M, US Bank $500,000,and McCune Foundation
$250,000 investments). In addition, as loans are repaid funds are recycled back into the
community to develop more affordable housing units.
As HTFVC moves into the next phase of growth, while continuing to fill the critical need for dollars
for the development and preservation of affordable housing, we need the City of Moorpark’s help.
We ask the City of Moorpark to continue showing leadership and foresight by making an
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investment of $200,000 (2024/25 FY) into the Housing Trust Fund. This investment will be
leveraged to highly impact positive changes for low income individuals and families.
Please feel free to contact me with any questions. I would be happy to make a formal presentation
to the City Council and be available for questions when the request goes on the Council agenda.
Regards,
Linda Braunschweiger
Linda Braunschweiger
CEO
805-407-2455
Linda@HousingTrustFundVC.org
Cc: Doug Spondello
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