Santa Monica Housing Office - Housing Trust Funds
Along with rent control, inclusionary zoning, and the programs of the Housing Authority, allocation of resources from the Housing Trust Fund is one of the key drivers of preserving housing affordability levels in Santa Monica.
These funds come primarily from redevelopment loan repayments and the stream of ongoing revenue provided by the voter-approved sales tax, Measures GS/GSH.
View the current Housing Trust Fund Plan (effective through 2021). View the current Housing Trust Fund Guidelines (approved by Council in July 2021). View the Summary Report of Multifamily Housing Production and Housing Trust Fund Financing for FY18-19.
The City has prepared a 302(c)(4) Plan outlining its planned expenditures of Permanent Local Housing Allocation funding. View the Plan here.
The City has prepared a detailed status overview of several early-stage affordable housing developments to demonstrate the readiness of these developments for funding under the State's Local Housing Trust Fund ("LHTF") Program. The overview can be viewed here.
***Currently the only applications being accepted for Housing Trust Fund loans are for developments which will serve persons living with disabilities or persons experiencing homelessness.***
Pursuant to the adopted Housing Trust Fund Guidelines, the following items shall be posted within one week of becoming public:
- the current Housing Trust Fund Guidelines;
- all documents generated and made public by the City Manager, the Housing Division, the Housing Commission, and the City Council pursuant to the affordable housing planning and reporting process;
- written explanation of the City's decisions to approve or deny loan applications;
- all loan commitment letters issued;
- all notices of the required public meeting following a loan commitment; and all annual reports provided by the Housing Trust Fund recipients. Staff shall ensure that the annual reports posted publicly shall redact any confidential or personal information.
To receive email notifications when there is an update to this page, please click here, enter your information, and select Housing Commission. Notifications are available in an alternative format if you require a special disability-related accommodation. If that is the case, please contact the Housing Office at (310) 458-8702.
HOUSING TRUST FUND - LOAN COMMITMENTS
|
City's Decision on Loan Applications |
Loan Commitment Letters Issued |
Effective Date of Commitment Letter |
Notice of Public/Community Meetings |
Project Status |
|
419 and 1616 Ocean Ave |
(Loan Commitment Letter) (First Amendment to Loan) |
October 10, 2017 September 30, 2020 |
Completed | |
|
(Acquisition/Predevelopment) (Construction/Permanent Loan) |
November 9, 2017
June 27, 2018 |
Completed | ||
|
1342 Berkeley St 1342 Berkeley St (2022) |
(Acquisition/Predevelopment) (Construction/Permanent Loan) |
November 20, 2017 July 14, 2022 |
Pending | |
|
(Acquisition/Predevelopment) (Construction/Permanent Loan) |
August 15, 2018 June 21, 2019 |
Completed | ||
| 2621, 2622, 2627 26th St | September 25, 2018 |
Not applicable; loan increase only | Completed | |
|
(Acquisition/Predevelopment) (Construction/Permanent Loan) |
October 30, 2018 June 28, 2019 |
Completed | ||
|
(Acquisition/Predevelopment) (Construction/Permanent Loan) |
February 11, 2019
June 29, 2020 |
In construction | ||
|
(Acquisition/Predevelopment) (Construction/Permanent Loan) |
April 22, 2019 March 5, 2020
|
In construction | ||
|
(Acquisition/Predevelopment) (Construction/Permanent Loan) (Construction/Permanent Loan) |
May 9, 2019 September 9, 2020 July 29, 2021 |
In construction | ||
| 502 Colorado (info sheet) | September 25, 2019 |
Not applicable; loan increase only |
Pending | |
|
(Rehabilitation/Permanent Loan) |
January 7, 2020 July 28, 2021 |
Pending |