HomeMy WebLinkAbout2025-03-18; City Council; Resolution 2025-065Exhibit 1
RESOLUTION NO. 2025-065 .
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING THE FISCAL YEAR 2023-24 HOUSING TRUST FUND
ANNUAL REPORT
WHEREAS, Chapter 21.85 of the Carlsbad Municipal Code requires that fees collected under the
Inclusionary Housing Ordinance be deposited in a Housing Trust Fund; and
WHEREAS, Chapter 21.85 requires the Housing Trust Fund shall be used only for the purpose of
providing funding assistance for the provision of affordable housing and reasonable costs of
administration consistent with the policies and programs contained in the Housing Element of the
General Plan; and
WHEREAS, on Dec. 12, 2020, the City Council adopted City Council Policy No. 90, which outlines
the priorities, expectations and policies for Housing Trust Fund administration; and
WHEREAS, City Council Policy No. 90 requires an Annual Report of the Housing Trust Fund be
reviewed by the Housing Policy Team and the Housing Commission, with the Housing Commission
making a recommendation to the City Council; and
WHEREAS, the Housing Policy Team reviewed the FY 2023-24 Housing Trust Fund Annual Report
on March 7, 2025; and
WHEREAS, the Housing Commission recommended approval of the FY 2023-24 Housing Trust
Fund Annual Report at its March 13, 2025, regular meeting.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as
follows:
1.That the above recitations are true and correct.
2.That the proposed action is not a “project” as defined by CEQA Section 21065 and CEQA
Guidelines Section 15378(b)(5) and does not require environment review under CEQA
Guidelines Section 15060(c)(3) and 15061(b)(3), because the proposed action to report
on annual funding activity in the Housing Trust Fund is an organizational or
administrative government activity that does not involve any commitment to any
specific project which may result in a potentially significant physical impact on the
environment. Any subsequent action or direction stemming from the proposed action
March 18, 2025 Item #5 Page 3 of 16
Uocus1gn t:nvelope IU: ts4t:SZUt-/ts-A4Z /-4j 1 t:-tsJt:~-bUL.;~bZJZUU I 4
may require preparation of an environmental document in accordance with CEQA or
CEQA Guidelines.
3. That the City Council approves the FY 2023-24 Housing Trust Fund Annual Report
(Attachment A).
PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of t he City
of Carlsbad on the 18th day of March 2025, by the following vote, to wit:
AYES :
NAYS:
ABSTAIN :
ABSENT:
March 18, 2025
Blackburn, Bhat-Patel, Acosta, Burkholder, Shin .
None.
None.
None.
KEITH BLACKBURN, Mayor
SHERRY FREISINGER, City Clerk
(SEAL)
Item #5 Page 4 of 16
Attachment A
1 | Page
City of Carlsbad Housing Trust Fund
FY 2023-24 Annual Report
Housing Trust Fund
FY 2023-24 Annual Report
Background
The city’s Inclusionary Housing Ordinance was established in April 1993 and requires that all
residential developments greater than six units restrict 15 percent of the total number of
homes in a project as affordable to low-income households. Some developments have the
option to satisfy a portion of or all of their affordable housing obligation through payment of
inclusionary housing in-lieu fees or affordable housing credit purchases. For the city to receive
and use these fee payments, the Housing Trust Fund was established to confirm that fees
collected were applied only towards the affordable housing needs of lower-income households.
The Housing Trust Fund receives revenue from a variety of sources, including interest from
loans, housing credit purchases, housing impact fees, and interest earned on the fund balance.
The Fund is intended to aid in the production, acquisition, rehabilitation and preservation of
housing affordable to extremely low-, very low- and low-income households, and those
experiencing homelessness. Reasonable costs of administration of the fund, programs and
projects are allowed.
The Housing Trust Fund significantly contributes to the success of the city’s inclusionary housing
program. The Housing Trust Fund has been an indispensable tool to attract other funding
sources to affordable housing projects, leveraging the city’s investment up to five times with
outside funding sources. With its diversity of revenue sources, the Housing Trust Fund has
provided sustained support for the inclusionary housing program, resulting in approximately
2,300 affordable homes in Carlsbad.
On Dec. 12, 2020, the City Council adopted City Council Policy No. 90 which outlines the
priorities, expectations and policies for Housing Trust Fund administration. The Policy calls for
an Annual Report that shall be reviewed by the city’s Housing Policy Team, composed of
representatives from Finance, Community Development, Housing Services and the City
Attorney’s Office, and the Housing Commission. This report includes information regarding the
Housing Trust Fund for the 2023-2024 fiscal year.
Summary of loan terms
The Housing Trust Fund has been used over the years to assist an array of new housing
construction, land acquisition, first-time homebuyer loans and low income and homeless
services.
Historically, the Housing Trust Fund is predominantly used to subsidize the construction of new
affordable housing in Carlsbad. Money from the Housing Trust Fund is often leveraged by other
local and non-local sources of subsidy: Community Development Block Grants, the HOME
federal funding program, the city Low and Moderate Income Housing Fund; federal and state
low income housing tax credits and others.
March 18, 2025 Item #5 Page 5 of 16
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City of Carlsbad Housing Trust Fund
FY 2023-24 Annual Report
Loan repayment requirements will vary by type of assistance. Financial assistance from the
Housing Trust Fund is typically made in the form of long-term loans of 55 years at an interest
rate of generally not more than three percent. Repayments on loans to multi-family rental
projects are amortized over the loan term, and are usually required as a share of surplus cash,
that is, annual gross revenue minus annual operating expenses, referred to as residual receipts.
A list of outstanding multi-family project loans is provided as Exhibit 1.
Financial assistance to specific homebuyer units from the Housing Trust Fund is typically made
in the form of a long-term loan recorded against the property to recapture principal and
interest upon sale or transfer of the property. For example, repayment of principal and interest
of first-time homebuyer loans are usually deferred for 15 or even 30 years, unless the home is
sold. At the end of the loan term or upon sale or transfer of the property, any remaining
principal and accrued interest becomes due and payable at that time. A list of outstanding
homebuyer loans is provided as Exhibit 2. The City of Carlsbad City Council often chooses to
repurchase affordable units being sold because the city can then maintain the unit in the
affordable housing inventory for new buyers. When the City of Carlsbad acquires existing units
for resale, the expenditure is identified and described in the “Affordable Housing Resale
Program” section below.
Summary of use of funds
During FY 2023-24 there were the following expenditures and commitments:
Category Expenditures
Encumbrances
(Prior Year
Commitments
already removed
from Fund Balance)
New Loan
Commitments
Construction of new affordable housing 735,438 3,280,6211 0
Affordable Housing Resale Program 986,359
Homeless Services 96,542
Administration 167,267
Other Housing Administrative support 200,000
TOTAL $2,185,606 $3,280,621 $0
1) Includes commitments for projects not yet started as well as underway.
FY 2023-24 Housing Trust Fund uses by category
The FY 2023-24 expenditures are further described by category:
Construction of new affordable housing-$735,438
The new construction affordable housing projects underway in FY 2023-24 were:
March 18, 2025 Item #5 Page 6 of 16
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City of Carlsbad Housing Trust Fund
FY 2023-24 Annual Report
Marja Acres Senior Apartments
The project is a 47-unit, 100% affordable senior housing project
located on the west side of El Camino Real, just south of Kelly
Drive being developed by USA Properties. As an approved
density bonus project, Marja Acres is required to provide 46
senior apartments affordable to lower-income seniors.
According to City Council Policy Statement No. 90, money from
Housing Trust Fund is not to be used to satisfy a development's
requirement to provide affordable housing in accordance with
the city’s Inclusionary Housing Ordinance, but may be used to assist in exceeding the
requirement. In 2021 and 2022 the City Council approved a total of $715,000 in financing from
the city’s Housing Trust Fund for the Marja Acres Apartments project to deepen the
affordability of five of the units to extremely low-income levels. The project site was under
construction in FY 2023-24 and will be completed in FY 2024-25.
Aviara Apartments
Aviara East Apartments is a 70-unit affordable
housing project located on Aviara Parkway south
of Palomar Airport Road and north of Laurel Tree
Lane. The overall Aviara Apartment project is
required to provide 79 units affordable to lower-
income households. According to City Council
Policy Statement No. 90, money from the Housing
Trust Fund is not to be used to satisfy a
development's requirement to provide affordable housing in accordance with the city’s
Inclusionary Housing Ordinance, but may be used to assist in exceeding the requirement. The
City Council approved a $3,100,000 loan from the city’s Housing Trust Fund in 2021, to deepen
the affordability of 7 units to serve very low income households. Construction commenced
during fiscal year 2022-23, with most of the loan expenses at the beginning of construction.
City loan expenditures during fiscal year 2023-24 were $20,438. Construction was complete and
residents moved in during the current fiscal year. The remaining $310,000 retention payment
will be expended is FY 2024-25 when the construction loan converts to a permanent loan. The
$310,000 is considered a prior year commitment, but not described later in this report in the
summary of existing loan commitments since this project is currently underway.
March 18, 2025 Item #5 Page 7 of 16
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City of Carlsbad Housing Trust Fund
FY 2023-24 Annual Report
Affordable Housing Resale Program-$986,359
As part of the city’s affordable housing efforts, the city has
purchased existing affordable housing units when the owner
wishes to move with the intent to resell them to eligible lower-
income buyers, thereby preserving, extending and enhancing
the existing affordable housing stock in Carlsbad. Some of the
units utilized Community Development Block Grant (CDBG)
funding, but several units have been purchased and
rehabilitated with the Housing Trust Fund. Costs of acquisition
and some related costs (improvements and homeowner
association fees) were incurred in FY 2023-24. When it is resold,
proceeds return to the Housing Trust Fund. During the fiscal year, 4 units were purchased and 1
sold.
Homeless Services-$96,542
The Housing Trust Fund has also been used to support a variety of services for low income and
homeless individuals and families. For example, the Housing Trust Fund has provided funding
each year for the Carlsbad Service Center, which provides temporary day labor employment
services, employment training and readiness, access to benefits, basic needs, rental assistance
and case management. The Housing Trust Fund also supports a Housing Navigation program
and the year-round Bridge-to-Housing network coordinated by the Alliance for Regional
Solutions.
Administration-$167,267
Housing Trust Fund dollars are used to cover administrative costs that are necessary to
administer the fund. These include personnel expenses and maintenance and operational (not
used for travel and training) expenses that are specifically related to the administration of the
Housing Trust Fund. Total administrative expenses may not exceed 5% of the available Housing
Trust Fund balance as of the end of the prior fiscal year. The following other administrative
category is added toward total administration expenses against the cap.
Other Housing Administrative support-$200,000
Funds may also be used to supplement administrative and operational support for other
housing programs. There is a dollar amount set aside annually to ensure administration of the
Housing Choice Voucher Program (rental assistance) is fully covered. Funds for administration
of that program come from the U.S. Department of Housing & Urban Development. It is
expected that funds will cover the administrative costs, but there have been instances when
the timing of funds from HUD are received after the costs are incurred. It is essential to keep
this program operational, so this budget allocation allows the city to maintain program
administration without falling into a funding deficit. If the funds are not needed to balance at
fiscal year end, they are returned to the Housing Trust Fund.
March 18, 2025 Item #5 Page 8 of 16
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City of Carlsbad Housing Trust Fund
FY 2023-24 Annual Report
Summary of existing loan commitments
The City Council did not receive any requests for loan commitments during FY 2023-24. There
are existing loan commitments from the Housing Trust Fund for projects not commenced yet
that are described below.
West Oaks Apartments
West Oaks Apartments is a 42-unit affordable housing project located south of Palomar Airport
Road and west of Palomar Oaks Way. The City Council approved a $1,500,000 loan from the
city’s Housing Trust Fund on Dec. 7, 2021, to deepen the affordability to serve extremely low
and very low income households.
This project has been on hold due to the inability to
secure sewer service. The project developer has been
working with the Carlsbad Utilities Department,
Vallecitos Water District, and the Buena Sanitation
District (Buena), a subsidiary district to the City of Vista,
on the ability of the site to connect to the Buena sewer
pipeline. A Carlsbad sewer stub-out, constructed to
serve the property in 1985, is connected to the Buena
sewer pipeline, which is covered by a joint use
agreement between Carlsbad and Buena. The Buena sewer pipeline is over capacity, so the
development project has not received authorization from Buena to discharge sewer flows to its
sewer pipeline.
La Posada Shelter
La Posada is the city’s only homeless shelter and is operated
by Catholic Charities. It currently provides 100 beds, of which
50 are reserved for farmworkers. The City Council expressed
support for Catholic Charities to expand the capacity of the La
Posada shelter to serve more individuals experiencing
homelessness, including space for women and families. The
total project cost is currently estimated at $10 to $12 million,
depending on the inclusion of a third story to include more bed space to serve more individuals.
The City Council approved documents at the Feb. 7, 2023, City Council meeting to accept $2
million in funds from the County of San Diego and, in turn, grant the funds to Catholic Charities
towards the expansion. On May 16, 2023, the City Council approved $729,379 in Permanent
Local Housing Allocation funds and $1,470,621 from the Housing Trust Fund towards the
project. City staff had been actively seeking outside funding alternatives to reduce the amount
of capital needed to be raised. The funding campaign for the project is on hold as the State of
California has not consented to demolition of one of the buildings for reconstruction.
March 18, 2025 Item #5 Page 9 of 16
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City of Carlsbad Housing Trust Fund
FY 2023-24 Annual Report
Financial Status of the Housing Trust Fund
Revenue sources
Fund receipts vary from year to year, but generally average between $1-2 million annually.
Revenues come primarily from residential development activity, loan repayments and interest
income. No General Fund money is deposited to the Housing Trust Fund. During FY 2023-24,
the Housing Trust Fund received approximately $1.5 million in revenue.
Beginning Available Fund Balance $10,144,865
New Loan Receivable 735,438
Fee Revenue 705,075
Interest Revenue 331,340
(int + prin) Loan Payments 424,677
Repayment from Tyler Court 24,002
Total Increase in Fund Balance $2,220,532
Affordable Housing Loans Issued (Reduction
in Fund Balance)
(735,438)
Homeless Services (96,542)
Net-Affordable Resale Program (986,359)
Transfer to Section 8 Admin (200,000)
Administrative Expenses (167,267)
Total Decrease in Fund Balance ($2,185,606)
New Loan Commitments ($0)
Ending Available Fund Balance1 $10,179,791
1) Total fund balance is presented net of previously committed but not yet funded developer loans of $3,280,621.
As outlined in the background, the Housing Trust Fund was established to confirm that fees
collected pursuant to the city’s Inclusionary Housing Ordinance were applied only towards the
affordable housing needs of lower-income households. The city’s Housing & Homeless Services
Department does earn a small amount of administrative fee revenue from certain projects.
During FY 2023-24 that revenue amounted to $10,134. The bulk of fee revenue comes from
alternative means of satisfying the city’s Inclusionary Housing Ordinance. The ordinance allows
some projects the option to satisfy a portion of or all of their affordable housing obligation
through payment of inclusionary housing in-lieu fees or affordable housing credit purchases.
These alternative means of inclusionary housing compliance are identified in City Council Policy
No. 57. During FY 2023-24, the Housing Trust Fund received $694,941 in fee revenue from
these two sources.
In-lieu fee
While the construction of affordable units is preferred, the city ordinance allows a developer of
projects with six or fewer dwelling units to satisfy the projects’ inclusionary requirements by
paying a fee in-lieu of building the unit.
March 18, 2025 Item #5 Page 10 of 16
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City of Carlsbad Housing Trust Fund
FY 2023-24 Annual Report
In 2022, the City Council revised the in-lieu fee structure to: offer a flat fee for property owners
building a single-family residence on a single lot, adjusted annually by the Consumer Price Index
rate, and apply a rate based on net building area for all other qualifying projects with two to six
units. Projects approved prior to this action pay the rate applicable at the time of approval.
During FY 2023-24, the Housing Trust Fund received $ 27,237 in in-lieu fee revenue. The fee
revenue received throughout the fiscal year was based on the fee price applicable at that time,
not the fee prices listed below for the 2024-25 fiscal year.
Type Current Rate Units Received in
FY 2023-24
Affordable Housing In-Lieu Fee
(per single-family market rate unit
on single-family lot)
$ 10,040 per unit 1 9,177
Affordable Housing In-Lieu Fee
(residential development projects
proposing two to six units)
$ 18 per sq. ft. of
net building area
per unit per sq. ft.
4 18,0601
Total received $27,237
1) Four-unit project approved in 2021, former fee of $4,515x4 applied
Inclusionary Housing Credit Purchase
The inclusionary housing ordinance (Carlsbad Municipal Code Chapter 21.85) provides that
inclusionary units created which exceed the final requirement for a project may, subject to City
Council approval, be utilized by a developer to satisfy inclusionary requirements of other
projects. This is referred to as a combined inclusionary housing project, and in instances where
the city is financially participating in the combined inclusionary housing project, the City Council
can approve and designate a combined inclusionary housing project as an Affordable Housing
Credit Bank project, in which the city may sell affordable housing credits to other developers
who make a request to purchase affordable housing credits as an alternative way of satisfying
the inclusionary housing requirement for their project.
In this manner, the city is able to recoup its financial investment in the project and then use
these funds to assist additional affordable housing projects. It is important to also note that
when the city financially participates in a combined inclusionary housing project the financial
assistance comes in the form of a low-interest loan to the project, with the developer paying off
the loan amount to the city over the life of the project. Between the sale of the credits and the
repayment of the loan, the city ultimately receives funds that are twice the amount of the initial
financial assistance with all of these received funds deposited into the Housing Trust Fund and
then used to assist additional affordable housing projects.
The fee is established by dividing the city subsidy amount by the excess affordable housing
units created in the project. The credit prices are included in the City Council Adopted Master
Fee Schedule and increase each year by the Consumer Price Index (CPI) rate.
March 18, 2025 Item #5 Page 11 of 16
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City of Carlsbad Housing Trust Fund
FY 2023-24 Annual Report
The City Council has approved affordable housing credit bank projects for four city-assisted
affordable housing projects: Villa Loma Apartments, Cassia Heights Apartments, Roosevelt
Gardens and Tavarua Senior Apartments. All projects were 100% affordable housing projects in
which the city financially participated.
The credits for Villa Loma Apartments and Roosevelt Gardens have been fully utilized, but
credits remain available for purchase in the credit banks for Cassia Heights Apartments and
Tavarua Senior Apartments. Data for the current credit pricing, available credits and existing
reservations for the remaining credit banks is shown below.
Project Quadrant
Location
Current Credit
Pricing per unit
Credits
Purchased
Credits
Reserved
Credits
Available
Cassia Heights Southeast /
Southwest
$ 78,409 24 2 29
Tavarua Senior
Affordable Apartments
Northwest $ 116,043 22 9 19
Projects proposing more than seven, but no more than 50 residential units are eligible to
purchase affordable housing credits to satisfy their inclusionary housing requirements subject
to City Council Policy No. 57. During FY 2023-24, the Housing Trust Fund received $667,704 in
credit purchase revenue. The credit purchases, occurred throughout the fiscal year based on
the credit price applicable at that time, not the credit prices listed above for the 2024-25 fiscal
year. No new credit purchase reservations were approved in FY 2023-24. All current credit
reservations were either approved in an earlier fiscal year or in the current fiscal year.
Project Quadrant
Location
Project Size Credit Fee
Received
Credits
Purchased
Credits
Reserved
La Costa Villas North Southeast 9 119,3401 2 -
Garfield Beach Homes Northwest 12 211,356 2 -
Chinquapin Coast Homes Northwest 9 112,336 1 -
Ocean View Point Northwest 13 224,672 2 -
Total 43 $667,704 7 -
1) Balance paid in FY 2023-24 after payment of deposit
March 18, 2025 Item #5 Page 12 of 16
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City of Carlsbad Housing Trust Fund
FY 2023-24 Annual Report
Summary of administrative and non-project expenses
The funding activities of the Housing Trust Fund require administrative support. The table
below shows actual administrative support expenditures for the last two fiscal years and the
budget for the current fiscal year administrative support paid by the Housing Trust Fund. The FY
2023-24 administrative costs of $367,267 are 3.6% of the approximate $10.1 million FYE 23
Fund Balance. Total administrative expenses may not exceed 5% of the available Housing Trust
Fund balance as of the end of the prior fiscal year. The maximum administrative cap for FY
2023-24 was $507,243.
Housing Trust Fund
Administration
FY 2022-23
(Actual)
FY 2023-24
(Actual)
FY 2024-5
(Budget)
Personnel1 43,438 95,669 103,917
Maintenance & Operations 112,285 71,598 81,999
Transfer to Section 8 Admin 100,000 200,000 300,000
Total administration $255,723 $367,267 $485,916
1] Excludes personnel expense for the Housing Navigation program in Homeless Services as this is a direct service program, not an administrative expense.
Review of prior year funding priorities
The City Council approved the Housing Trust Fund priorities via City Council Policy No. 90 in
December 2020. Priorities are in the following order:
1.Construction of new affordable housing
2. Preservation of housing at-risk of conversion to market rate
3. Acquisition/rehabilitation of distressed/at-risk affordable housing
4.Rental assistance and homelessness programs
5.Land acquisition for future affordable units
6. Conversion of market rate units to affordable housing
Upcoming funding priorities
There has been no change to the funding priorities.
Summary of pending assistance requests
There are no pending requests.
Summary of denied assistance requests
There were no requests denied in FY 23-24.
Year End Summary
As of the beginning of FY 2023-24, the Housing Trust Fund had an available cash balance of
$10.14 million and ended the year with an available fund balance of approximately $10.18
million. The Housing Trust Fund received almost $1.5 million in revenue and spent
approximately $1 million towards affordable housing and homeless services. The Housing Trust
Fund did not have any new loan commitments during the fiscal year, but expended $735,438
toward prior loan commitments. There are modest administrative expenditures charged to the
Housing Trust Fund, under the maximum cap allowable. In summary, the Housing Trust Fund
March 18, 2025 Item #5 Page 13 of 16
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City of Carlsbad Housing Trust Fund
FY 2023-24 Annual Report
continues to be a stable source of funding to help create a diverse affordable housing stock in
Carlsbad.
March 18, 2025 Item #5 Page 14 of 16
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March 18, 2025 Item #5 Page 15 of 16
12
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March 18, 2025 Item #5 Page 16 of 16