Regional Housing Trust Fund Established

Judd also presented to the City Councils of Lakeport and Clearlake on the LCRHTF, and explained that “many options were considered for the Housing Trust Fund, and there are advantages to creating a Regional Housing Trust Fund with partners at Lakeport and Clearlake.” She elaborated on how the LCRHTF would be “dedicated to housing production, preservation and related housing activities in Lake County. An important advantage of the [LCRHTF] is that we can use each other’s resources and experiences to provide more housing in Lake County.” To read the Memorandum of Understanding (MOU), click here.

Judd explained how creating a Regional Housing Trust Fund could benefit Lake County’s community:

1. A consistency of revenue would create a regular source of funds to invest in housing.

2. The fund could bring in extra money from state and federal programs that match local contributions dollar-for-dollar.

3. Flexibility would allow Lake County to solve the county’s most important housing challenges.

4. Lake County would be able to qualify for state housing programs that are only available for Regional Housing Trust Funds.

5. It could build more housing and create jobs, increase wages and bring revenue into Lake County, Clearlake and Lakeport.

The LCRHTF’s housing initiatives may include the following:

1. Build new housing units.

2. Preserve existing housing.

3. Acquire land for affordable development.

4. Promote innovative solutions.

5. Create workforce housing.

6. Establish transitional housing for the homeless.

Judd emphasized the trust fund could work to reduce borrowing costs by offering low-interest loans to developers and first-time homebuyers. Additionally, the LCRHTF would support nonprofit developers in overcoming challenges to provide housing for the lowest-income households. It would also benefit low-income homeowners by offering resources for repairs, helping to preserve affordable housing and ensure its long-term availability.

Judd explained establishing the LCRHTF requires developing Administrative Guidelines and forming, “a Board of Trustees to decide which projects would receive funding. These decisions would be guided by the Regional Housing Needs Assessment (RHNA), Lake County’s Housing Element and the Housing Action and Implementation Plan (HAIP) and respective City Housing Plans.” Lake County would administer the LCRHTF. Judd also underscored the importance of collaborating with various partners, consistently releasing Notices of Funding Availability (NOFAs) and creating a developer portal to signal, “we’re developer-friendly here in Lake County." Click here for Lisa Judd’s November presentation slides.

Judd ended her presentation, reemphasizing that “the popularity and proliferation of housing trust funds is due to their flexibility, sustainability and success in addressing critical housing needs.” Lake County Board Supervisor Bruno Sabatier commented, “It’s great that we have a starting place. The concept is firm and could benefit our county.” Click here to watch Judd’s presentation.