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Approve an Appropriation Transfer Request transferring $200,000 in Community Investment Fund’s Fund Balance to the Solano County Housing Trust Fund for affordable housing activities (4/5 vote required)
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Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
The County Administrator’s Office (CAO) recommends the Board approve an Appropriation Transfer Request (ATR) transferring $200,000 in Community Investment Fund’s Fund Balance to the Solano County Housing Trust Fund for affordable housing activities (4/5 vote required).
SUMMARY/DISCUSSION:
On July 26, 2022, the Board of Supervisors introduced an ordinance establishing the Solano County Housing Trust Fund (HTF) with an initial funding allocation from the American Rescue Plan Act (ARPA). Under the California Department of Housing and Community Development’s (HCD) guidelines, a housing trust fund must maintain an ongoing funding source. To satisfy this requirement, the Board previously authorized the annual allocation of $200,000 from the affordable housing component of the Community Investment Fund, previously administered by First 5, to the HTF. An ATR is necessary to complete the transaction for FY2025/26.
FINANCIAL IMPACT:
Approval of the ATR will not impact the General Fund. The funds to be transferred have already been allocated as part of the Community Investment Fund. The costs associated with preparing the agenda item are nominal and absorbed by the department’s FY2025/26 Working Budget.
ALTERNATIVES:
The Board could choose not to approve the ATR; however, this is not recommended because the Board previously approved the annual allocation of this funding to the HTF to maintain compliance with HCD guidelines.
OTHER AGENCY INVOLVEMENT:
None.
CAO RECOMMENDATION:
APPROVE DEPARTMENTAL RECOMMENDATION