* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting. [00:03:04] I WOULD [CALL TO ORDER] LIKE TO CALL THE LONG BEACH COMMUNITY INVESTMENT COMPANY MEETING TO ORDER FOR SEPTEMBER 16TH, 2026. UH, CLERK, PLEASE CALL THE ROLL [ROLL CALL] DIRECTOR ESPARZA. DIRECTOR LEWIS PRESENT, DIRECTOR EZ PRESENT, DIRECTOR SIDES VICE CHAIR MEL CARREJO AND CHAIR RAMIREZ. PRESENT, WE HAVE QUORUM. AND FOR THE RECORD, DIRECTOR SIDES AND VICE CHAIR MEL CARREJO ARE EXCUSED FROM THIS MEETING. ARE THERE ANY OBJECTIONS FROM THE COMMISSION AND HEARING NONE? UH, MAY I PLEASE VOLUNTEER [PLEDGE OF ALLEGIANCE] DIRECTOR ESPARZA TO LEAD US IN THE PLEDGE OF ALLEGIANCE CLERK, PLEASE READ THE FIRST ITEM. ITEM NUMBER [1. 26-56112 Recommendation to receive and file President’s Report.       Suggested Action: Approve recommendation. ] ONE IS A RECOMMENDATION TO RECEIVE AND FILE PRESIDENT'S REPORT. MAY I HAVE A MOTION TO HEAR THIS ITEM? IT HAS BEEN MOVED BY DIRECTOR ESPARZA AND SECONDED BY DIRECTOR EZ. UM, I WILL NOW TURN THINGS OVER TO STAFF FOR THE PRESIDENT'S REPORT. ALL RIGHT, UH, GOOD EVENING. THANK YOU FOR BEING HERE, DIRECTORS. I WANTED TO TALK ABOUT, UM, SAD NEWS, MEDIUM NEWS, AND GOOD NEWS. SO, UM, AS YOU MAY KNOW, THE CITY COUNCIL RECENTLY ADOPTED THE BUDGET FOR THE FORTHCOMING YEAR. UM, THE CITY FACES A NUMBER OF, UH, FISCAL CHALLENGES WE'VE TALKED ABOUT BEFORE. THAT'S ESPECIALLY ACUTE IN SOME OF THESE OPERATIONS THAT L-B-C-I-C TOUCHES BECAUSE OF THE IMPACT OF FEDERAL FUNDING, NOT JUST THE AMOUNT OF FUNDING, BUT SORT OF THE STRINGS THAT COME ATTACHED WITH THAT. [00:05:01] SO WE DID HAVE TO MAKE, UM, SOME ADJUSTMENTS ON OCTOBER 1ST. WE'LL BE SAYING GOODBYE TO TWO OF OUR EMPLOYEES, ALTHOUGH, UM, WE, ONE WILL BE RETIRING AND THE OTHER ONE, UM, OUR HR IS, IS WORKING TO FIND A DIFFERENT CITY JOB FOR THEM, ALTHOUGH THEY WON'T, UH, BE EMPLOYED HERE ANYMORE. SO THAT'S, UM, BITTERSWEET. BUT I, I DO FEEL THAT, UM, MEGAN RUNS AN INCREDIBLE SHOP WITH REALLY SMART, CREATIVE PEOPLE THAT DON'T BREAK RULES, BUT BEND A LOT OF RULES TO FIGURE OUT HOW WE CAN CONTINUE TO ACCOMPLISH, UM, REALLY POSITIVE OUTCOMES OUT IN THE COMMUNITY. SO I KNOW THAT WE'RE GONNA COME OUT OF THIS, UM, STRONGER AND, UH, TO, TO THAT END, UM, MORE, UM, HAPPY NEWS AND THEN I'LL END IN THE MIDDLE NEWS. UM, SO, UM, THIS FRIDAY WE HAVE OUR FIRST, UH, WEST SIDE NIGHT MARKET AS PART OF OUR WEST SIDE PROMISE, WHICH IS A-C-D-B-G FUNDED AND OTHER CITY FUNDS, UM, EFFORT TO UPLIFT THE WEST SIDE. UM, THERE WILL BE ALL KINDS OF FOOD, UM, SMALL BUSINESS, UH, MARKETPLACE ACTIVITIES FOR KIDS, ACTIVITIES FOR KIDS AT HEART. UM, SO THAT IS OUT AT ADMIRAL KIDD PARK. EVEN IF YOU CAN'T MAKE THIS ONE, IT'S GONNA BE EVERY THIRD FRIDAY. SO THERE WILL BE, UM, OPPORTUNITIES IN THE FUTURE AS WELL. SO WE'RE REALLY PROUD OF THAT PROGRAM. JUST WANTED TO HIGHLIGHT THAT. UM, AND THEN THE LAST ANNOUNCEMENT REALLY IS ABOUT THESE MEETINGS. SO, UM, WE'LL BE REACHING OUT TO YOU JUST ABOUT SCHEDULE. SO THESE MEETINGS MAY BE MOVING TO A DIFFERENT DAY. UM, ONE OF THE THINGS THAT THE CITY BUDGET, UH, REALLY LOOKED AT WAS EFFICIENCIES. SO, UM, WE'RE TRYING TO DO ALL OF COMMUNITY DEVELOPMENTS MEETINGS ON THURSDAY. AS YOU KNOW FROM YOUR LAST ASSIGNMENT, THE PLANNING COMMISSION IS ON THURSDAYS AT FIVE O'CLOCK. SO WE'RE GONNA START DOING, UM, HISTORIC PRESERVATION MEETINGS ON THURSDAYS AT FOUR O'CLOCK. UM, AND MAY ALSO MOVE THIS, UH, COMMISSION TO, TO THURSDAYS, BUT IT DEPENDS ON YOUR SCHEDULE AND A BUNCH OF DIFFERENT FACTORS. SO WON'T HAPPEN TOMORROW OR THE NEXT DAY, OR EVEN THE NEXT MONTH, BUT WE'LL BE REACHING OUT TO YOU ABOUT THAT. AND THAT CONCLUDES THE REPORT FOR TONIGHT DIRECTORS. ANY QUESTIONS ON THE PRESIDENT'S REPORT? THAT SOUNDS LIKE A VERY LONG THURSDAY FOR STAFF. OKAY, WE WILL NOW TAKE PUBLIC COMMENT. UM, CLERK, PLEASE CALL FOR PUBLIC COMMENT IF ANYONE WOULD LIKE TO PROVIDE PUBLIC COMMENT ON ITEM ONE IN PERSON, PLEASE LINE UP AT THE PODIUM AT THIS TIME. SEEING NONE. THAT CONCLUDES PUBLIC COMMENT. FOR ITEM ONE, PLEASE READ THE NEXT ITEM CHAIR. I'M GONNA GO AHEAD AND, UH, OPEN THE VOTE FIRST FOR ITEM ONE. YOU SHOULD SEE IT ON YOUR TABLETS. IF NOT, I CAN TAKE A VERBAL DIRECTOR. LEWIS? YES, THANK YOU. MOTION IS CARRIED. OKAY. PLEASE READ THE NEXT ITEM. ITEM NUMBER TWO [2. 26-56113 Recommendation to approve the minutes for The Long Beach Community Investment Company meeting of Wednesday, August 19, 2026.       Suggested Action: Approve recommendation. ] IS A RECOMMENDATION TO APPROVE THE MINUTES FOR THE LONG BEACH COMMUNITY INVESTMENT COMPANY MEETING OF WEDNESDAY, AUGUST 19TH, 2026. MAY I HAVE A MOTION ON THIS ITEM? I APOLOGIZE. I CAN TAKE A VERBAL FOR THE MOTIONS. ALL MOTION. THANK YOU. SECOND. SO I GOT A MOTION FROM CHAIR RAMIREZ AND A SECOND FROM DIRECTOR MEEZ. ARE THERE ANY, UH, QUESTIONS OR CORRECTIONS TO THE MINUTES? NO. OKAY. AND IF THERE'S ANY PUBLIC COMMENT FOR ITEM TWO, UM, PLEASE LINE UP AT THE PODIUM AT THIS TIME. SEEING NONE. THAT CONCLUDES PUBLIC COMMENT. FOR ITEM TWO, PLEASE READ THE NEXT ITEM. UH, BEFORE THAT, I'M GONNA TAKE A VERBAL FOR THE, FOR ITEM TWO, JUST BECAUSE THE, THE TABLETS ARE NOT WORKING OR THE WEBSITE. UM, DIRECTOR ESPARZA. YES. DIRECTOR LEWIS? YES. DIRECTOR EZ YES. AND CHAIR RAMIREZ? YES. MOTION IS CARRIED FOR ITEM TWO. OKAY. PLEASE READ THE NEXT ITEM. OKAY. ITEM THREE [3. 26-56118 Recommendation to conduct a public hearing on the Permanent Local Housing Allocation (PLHA) 2024-2028 Formula Allocation Five-Year Plan (Plan) for the expenditure of PLHA funds; receive public comment; and recommend City Council adopt the Plan and authorize its submission to the California Department of Housing and Community Development. (Citywide)       Suggested Action: Approve recommendation. ] IS A RECOMMENDATION TO CONDUCT A PUBLIC HEARING ON THE PERMANENT LOCAL HOUSING ALLOCATION 2024 TO 2028 FORMULA ALLOCATION. FIVE YEAR PLAN FOR THE EXPENDITURE OF PLHA FUNDS. RECEIVE PUBLIC COMMENT AND RECOMMEND CITY COUNCIL ADOPT THE PLAN AND AUTHORIZE ITS SUBMISSION TO THE CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT CITYWIDE. MAY I HAVE A MOTION TO HEAR THIS ITEM? [00:10:04] IT'S BEEN MOVED BY DIRECTOR SPARSE AND SECONDED BY DIRECTOR EZ. OKAY. UH, I WILL NOW TURN THINGS OVER TO STAFF FOR THE PRESENTATION. AND STEPHANIE HARPER, OUR, UM, DEVELOPMENT PROJECT COORDINATOR, WILL BE GIVING THE REPORT. GOOD AFTERNOON. PLEASURE TO BE HERE. UM, THAT RECOMMENDATION WAS A MOUTHFUL, BUT THIS ITEM IS A PUBLIC HEARING AND IT IS FOCUSED ON OUR FIVE YEAR, UH, SPENDING PLAN FOR FUNDS THAT WE RECEIVE FROM THE STATE FOR THEIR PERMANENT LOCAL HOUSING ALLOCATION. WE CALL IT PLHA PROGRAM. A LITTLE BIT OF BACKGROUND ON THIS, IT WAS ESTABLISHED IN 2017. IT'S FUNDS THAT COME FROM A $75 FEE THAT IS ASSESSED ON REAL ESTATE DOCUMENTS WHEN THEY ARE RECORDED WITH THE COUNTY THROUGHOUT THE STATE. UM, CALIFORNIA'S DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT, YOU MIGHT KNOW IT AS HCD, THEY ALLOCATE THIS REVENUE AND THEN GIVE IT TO, UM, CITIES AND COUNTIES THROUGHOUT THE STATE, UM, IN FIVE YEAR TRANCHES OR FIVE YEAR FUNDING CYCLES. AND THEN IN TURN, THE CITIES AND COUNTIES HAVE TO USE THE FUNDS TO ADDRESS UNMET HOUSING NEEDS WITHIN THEIR COMMUNITY. THIS PUBLIC HEARING IS ON OUR SECOND FUNDING CYCLE, BUT I WANNA REMIND YOU ABOUT WHAT WE DID WITH THE FIRST FIVE YEAR CYCLE OF FUNDS THAT WE GOT. SO THE FIRST FIVE YEAR CYCLE COVERED REVENUE THAT WAS, UM, UH, GENERATED FROM 2019 TO 2023, AND WE WERE RE, WE RECEIVED 16.9 MILLION ACROSS THE FIVE YEARS IN THAT CYCLE. AND THE L-B-C-I-C AWARDED THOSE FUNDS TO FOUR AFFORDABLE RENTAL HOUSING DEVELOPMENTS COMBINED. THEY WILL DELIVER 371 NEW UNITS. I HAVE PICTURES ON THE SLIDE HERE OF TWO OF THOSE THAT ARE UNDER CONSTRUCTION. UM, THE FIRST ON THE LEFT IS ALAMEDOS ON FOURTH. THIS IS FROM MERCY HOUSING. IT'S 82 UNITS FOR OLDER ADULTS. THIS ONE IS VERY CLOSE TO BEING COMPLETED. I DRIVE BY IT ON MY WAY TO AND FROM WORK EVERY DAY. IT'S REALLY FUN TO SEE. UM, THEY EXPECT TO BEGIN LEASING IN JANUARY. THE SECOND IS THE ARMORY. THIS PROJECT IS ALSO FOR OLDER ADULTS. UH, IT'S 63 UNITS FROM DEVELOPER LINK. IT'S CURRENTLY UNDER CONSTRUCTION. THEY EXPECT TO BE COMPLETED IN OCTOBER OF NEXT YEAR. AND THEN THE THIRD PROJECT THAT WAS FUNDED IS AN UPCOMING DEVELOPMENT OF 153 UNITS AT 1401 LONG BEACH BOULEVARD FROM CENTURY. WE HAD GREAT NEWS ON THIS PROJECT THIS MONTH. THEY WERE JUST RECENTLY AWARDED TAX CREDITS, WHICH MEANS THAT THEY'LL MOVE FORWARD WITH A GROUNDBREAKING RIGHT NOW THEY'RE PLANNING FOR, FOR THIS COMING FEBRUARY. AND THEN THE FOURTH FUNDED THE LAND ACQUISITION FOR THE FUTURE DEVELOPMENT OF FAMILY HOUSING ON WARDLOW ROAD. AND THAT'S FROM DEVELOPER, UM, WEST HOLLYWOOD COMMUNITY HOUSING CORPORATION. AND THEY'RE CURRENTLY STILL IN THE PROCESS OF ASSEMBLING THE REST OF THEIR FINANCING. SO FOR THIS NEXT FIVE YEAR CYCLE, WE'RE EXPECTED TO RECEIVE LESS 12.8 MILLION ACROSS THE NEXT FIVE YEARS. UM, THIS AMOUNT COULD CHANGE. IT'S OF COURSE, BASED ON THE ACTUAL REVENUE THAT'S GENERATED FROM RECORDING THOSE REAL ESTATE DOCUMENTS. UM, THE FUNDING FOR THE FIRST TWO YEARS HAS ALREADY BEEN, UM, ALLOCATED BY THE STATE. SO WE KNOW THAT FOR YEAR ONE, WE'RE GONNA RECEIVE JUST OVER 2 MILLION. AND FOR YEAR TWO, WE'RE GONNA RECEIVE 2.2 MILLION. AND THEN NEXT YEAR THEY'LL LET US KNOW THE ALLOCATION FOR YEAR THREE AND SO ON. AND SO, IN ORDER TO RECEIVE THESE FUNDS, OUR CITY HAS TO ADOPT A FIVE YEAR PLAN THAT SHOWS HOW THE FUNDS WILL BE USED TO ADDRESS OUR UNMET HOUSING NEEDS, HOW THE FUNDING WILL PRIORITIZE HOUSEHOLDS THAT EARN UP TO 60% OF THE AREA MEDIAN INCOME, AND THEN HOW THE SPENDING PLAN ALIGNS WITH OUR HOUSING ELEMENT. SO THE PROPOSED PLAN DEDICATES ALMOST ALL 95% OF THE FUNDING TO THE DEVELOPMENT OF NEW AFFORDABLE RENTAL HOUSING. THE REMAINING 5% OF FUNDS WOULD GO TOWARDS ADMINISTRATION COSTS, AND SO THE FUNDS FOR NEW CONSTRUCTION WOULD BE PROVIDED TO AFFORDABLE HOUSING DEVELOPERS AS LOANS. WE ISSUE THOSE THROUGH OUR COMPETITIVE NOTICE OF FUNDING AVAILABILITY OR NOFA PROCESS, UM, WHICH OF COURSE COMES TO, COMES TO YOU ALL AS THE BOARD FOR APPROVAL. UM, AND THESE NOFA S WOULD ISSUE WOULD SEEK TO, UM, PROJECTS THAT INCLUDE UNITS FOR HOUSEHOLDS AT 60% AM A MI. UM, I WANNA NOTE THAT THE PLHA PROGRAM ALLOWS FOR SERVING HOUSEHOLDS THAT EARN UP TO 150% A MI. BUT WE DON'T EXPECT TO FUND PROJECTS THAT INCLUDE UNITS FOR HOUSEHOLDS ABOVE 80% A MI. AND THAT'S JUST BECAUSE PLHA IS ONLY ONE, UM, PIECE OF THE PUZZLE. IN THE FINANCING WORLD FOR AFFORDABLE HOUSING, DEVELOPERS HAVE TO, YOU KNOW, LAYER IN MULTIPLE FUNDING SOURCES. AND MOST OF THOSE FUNDING SOURCES EITHER REQUIRE OR PRIORITIZE MUCH DEEPER LEVELS OF AFFORDABILITY. SO IN REALITY, PROJECTS THAT HAVE UNITS ABOVE 80% A MI JUST ARE NOT FINANCIALLY FEASIBLE. UM, NOW WE ARE TRYING TO MAKE EFFORTS TO EXPAND OUR PIPELINE OF ACQUISITION AND REHABILITATION PROJECTS, AND I'M GONNA TALK MORE ABOUT THAT ON THE NEXT ITEM IN THIS AGENDA. UM, BUT WE ARE PROPOSING DEDICATING THIS PLHA FUNDING SOURCE [00:15:01] ENTIRELY TO NEW CONSTRUCTION. UM, BECAUSE THERE'S A NEED, WE NEED MORE NEW HOUSING UNITS IN LONG BEACH, AND ALSO BECAUSE PHA IS MORE FLEXIBLE THAN SOME OF OUR OTHER FUNDING SOURCES. AND SO IT HELPS US FACILITATE NEW PRODUCTION A BIT MORE EFFICIENTLY. THE LAST PIECE OF THE PLAN IS HOW IT ALIGNS WITH OUR HOUSING ELEMENT. UM, AND THIS REALLY IS ABOUT THE OVERWHELMING NEED TO DEVELOP MORE HOUSING UNITS WITHIN LONG BEACH. SO THE CHART THAT YOU'RE SEEING HERE ON THE SCREEN IS OUR, UM, PROGRESS TOWARDS OUR REGIONAL HOUSING NEEDS ASSESSMENT ALLOCATION. SO THE COLUMN SECOND FROM THE LEFT SHOWS YOU THE TARGET NUMBER OF NEW HOUSING UNITS THAT WE NEED IN THE CITY BY 2029, WHICH IS VERY QUICKLY APPROACHING. UM, AND IT BREAKS IT DOWN BY AFFORDABILITY LEVEL. UH, SO TAKE A LOOK AT THAT GRAY, THE ROW THAT'S HIGHLIGHTED IN GRAY, THAT GIVES YOU THE TOTAL AFFORDABLE, SO 50 OVER 15,000 AFFORDABLE UNITS WE NEED TO PRODUCE IN LONG BEACH BY 2029. UM, AND THEN ON THE FAR RIGHT, THAT COLUMN SHOWS YOU OUR PROGRESS TOWARDS MEETING THOSE TARGETS. AND SO WE'VE ONLY MET 6% OF OUR ARENA TARGET FOR NEW AFFORDABLE HOUSING UNITS THAT ARE, UM, IN THAT OF, OF ANY LEVEL OF AFFORDABILITY. SO DEDICATING THE PLHA FUNDING SPECIFICALLY TO NEW CONSTRUCTION IS DESIGNED TO HELP US MEET THIS NEED. IT'S BY NO MEANS GONNA GET US TO 15,000 UNITS, BUT IT, IT HELPS US, UM, START TO MOVE TOWARDS THAT GOAL. SO THE PLHA PROGRAM REQUIRES A PUBLIC COMMENT PERIOD. ON THIS PROPOSED FIVE YEAR SPENDING PLAN, UM, WE POSTED THE PLAN ON OUR WEBSITE AND THEN NOTIFIED RESIDENTS AND STAKEHOLDERS ABOUT THE PLAN, THE OPPORTUNITY TO REVIEW IT AND PROVIDE COMMENTS. WE DID, UM, NEWSPAPER POSTING AND AN ENGLISH PAPER AND A SPANISH LANGUAGE NEWSPAPER, AND THEN EMAILED OUT OUR STAKEHOLDER LIST AND COMMUNITY RESIDENTS. UM, WE HAVE NOT RECEIVED ANY COMMENTS TO DATE ON THAT PLAN. SO BECAUSE THE CITY RECEIVES PHA FUNDING AS AN ELIGIBLE JURISDICTION BASED ON A FORMULA FOR OUR POPULATION, THE STATE REQUIRES THE CITY COUNCIL TO BE THE BOARD OR THE, THE BODY THAT ACTUALLY ADOPTS THE PLAN THROUGH A RESOLUTION. UM, SO THE RECOMMENDATION HERE IS TO CONDUCT THIS PUBLIC HEARING AND THEN MAKE A RECOMMENDATION TO THE CITY COUNCIL TO ADOPT THE PLAN JUST BECAUSE AGAIN, WE HAVE TO FOLLOW H CD'S RULES ON THIS ONE. AND I'M HAPPY TO ANSWER ANY QUESTIONS THAT YOU MAY HAVE. OKAY, DIRECTORS, ANY QUESTIONS ON THE PRESENTATION? HEARING NONE, UH, WE WILL NOW TAKE PUBLIC COMMENT. CLERK, PLEASE CALL FOR PUBLIC COMMENT. IF THERE ARE ANY MEMBERS OF THE PUBLIC THAT WOULD LIKE TO PROVIDE PUBLIC COMMENT ON ITEM THREE, PLEASE LINE UP AT THE PODIUM AT THIS TIME. SEEING NONE. THAT CONCLUDES PUBLIC COMMENT FOR ITEM THREE. OKAY. UH, CLERK, PLEASE CALL FOR THE VOTE. COMMISSIONER LEWIS, I'M SORRY, DIRECTOR LEWIS. THANK YOU. MOTION IS CARRIED. PLEASE READ THE NEXT ITEM. ITEM [4. 26-56119 Recommendation to approve the selection of Century Affordable Development, Inc (CADI) for an award of up to $1,200,000; and authorize President or designee to enter into an Agreement to Negotiate Exclusively with CADI for rehabilitation of affordable rental housing units (District 8); Approve the selection of Long Beach Community Land Trust (LBCLT) for an award of up to $800,000; and authorize President or designee to enter into an Agreement to Negotiate Exclusively with LBCLT for acquisition and rehabilitation of affordable rental housing units (District 9); and Approve the selection of Jamboree Housing Corporation (Jamboree) for an award of up to $2,000,000; and authorize President or designee to enter into an Agreement to Negotiate Exclusively with Jamboree for land acquisition for the development of affordable rental housing units (District 8).       Suggested Action: Approve recommendation. ] NUMBER FOUR IS A RECOMMENDATION TO APPROVE THE SELECTION OF CENTURY AFFORDABLE DEVELOPMENT INC. FOR AN AWARD OF UP TO 1,200,000 AND AUTHORIZED PRESIDENT OR DESIGNEE TO ENTER INTO AN AGREEMENT TO NEGOTIATE EXCLUSIVELY WITH CADI FOR REHABILITATION OF AFFORDABLE RENTAL HOUSING UNITS. DISTRICT EIGHT, APPROVE THIS ELECTION OF LONG BEACH COMMUNITY LAND TRUST FOR AN AWARD OF UP TO $800,000 AND AUTHORIZED PRESIDENT OR DESIGNEE TO ENTER INTO AN AGREEMENT TO NEGOTIATE EXCLUSIVELY WITH L-B-C-L-T TO FOR THE ACQUISITION AND REHABILITATION OF AFFORDABLE RENTAL HOUSING UNITS DISTRICT NINE, AND APPROVE THIS SELECTION OF JAMBOREE HOUSING CORPORATION FOR AN AWARD OF UP TO $2 MILLION AND AUTHORIZED PRESIDENT OR DESIGNEE TO ENTER INTO AN AGREEMENT TO NEGOTIATE EXCLUSIVELY WITH JAMBOREE FOR LAND ACQUISITION FOR THE DEVELOPMENT OF AFFORDABLE RENTAL HOUSING UNITS DISTRICT EIGHT. MAY I HAVE A MOTION TO HEAR THIS ITEM? IT HAS BEEN MOVED BY DIRECTOR ESPARZA AND SECONDED BY DIRECTOR LEWIS. I WILL NOW TURN THINGS OVER TO STAFF FOR THEIR PRESENTATION. STEPHANIE WILL ALSO BE GIVING THIS REPORT MORE FROM ME. OKAY. SO THIS ITEM IS TO APPROVE, UM, AN AWARD OF FUNDS TO, FOR THREE SEPARATE HOUSING PROJECTS. UM, WE ISSUED A NOTICE OF FUNDING AVAILABILITY IN, IN JUNE FOR COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS OR OTHER FUNDS THAT WE HAVE AVAILABLE. UM, AND THOSE FUNDS CAN BE USED TO BUY LAND TO DEVELOP AFFORDABLE RENTAL HOUSING OR TO BUY AN EXISTING APARTMENT BUILDING AND REHABILITATE [00:20:01] IT. TYPICALLY, THESE ARE OLDER PROPERTIES THAT HAVE LOWER RENTS NATURALLY, BUT MAYBE AT RISK OF HAVING RISING RENTS OR BEING BOUGHT OUT BY AN INVESTOR THAT COULD PUSH THOSE CURRENT TENANTS OUT. AND SO A CONDITION OF THE FUNDING WOULD BE, UM, REHABILITATE THE BUILDING AND THEN ALSO RECORD AN AFFORDABILITY COVENANT ON IT SO THAT WE'RE HELPING THOSE RENTERS STAY IN THEIR HOME AND WE'RE, UM, ELITE, LIKE FORMALLY PLACING AN AFFORDABILITY COVENANT TO PRESERVE THE AFFORDABILITY FOR LONG TERM. AND THIS, UH, FUNDING SOURCE REQUIRES THE HOUSING UNITS TO SERVE LOWER INCOME HOUSEHOLDS EARNING UP TO 80% OF THE AREA IMMEDIATE INCOME. WE RECEIVED FOUR PROPOSALS IN RESPONSE TO THIS S NOFA, UM, ONE FROM SENT AFFORDABLE DEVELOPMENT REQUESTING 1.2 MILLION IN FUNDS TO REHABILITATE AN EXISTING 55 UNIT PROPERTY IN NORTH LONG BEACH. UH, A, A PROPOSAL FROM THE LONG BEACH COMMUNITY LAND TRUST FOR 800,000 TO PURCHASE AND REHABILITATE AN EXISTING 28 UNIT PROPERTY, A PROPOSAL FROM JAMBOREE HOUSING CORPORATION FOR $2 MILLION TO PURCHASE LAND FOR THE FUTURE DEVELOPMENT OF 39 UNITS FOR FAMILIES. AND THEN A PROPOSAL FROM SUPER STRAINS INC. FOR $250,000 TO REHABILITATE A SINGLE FAMILY HOME AND BUILD TWO 80. SO WE FORMED A SELECTION COMMITTEE TO REVIEW THE PROPOSALS, UM, THAT WAS MADE UP OF STAFF FROM OUR HOUSING BUREAU, OUR PLANNING BUREAU, AND THEN OUR CITY'S ECONOMIC DEVELOPMENT DEPARTMENT. THEY HAVE A REAL ESTATE BUREAU AND OUR COMMITTEE REVIEWED THE PROPOSALS AND THEN SCORED THEM BASED ON THE SEVEN CRITERIA THAT YOU SEE HERE. I WANNA NOTE THAT THIS NOFA HAD ADDITIONAL POINTS FOR PROPOSALS FROM A COMMUNITY LAND TRUST. UM, JUST AS A REMINDER, A LAND TRUST IS A NONPROFIT THAT BUYS AND MANAGES LAND AND THEN LEASES THE HOUSING ON THAT LAND TO LOWER INCOME TENANTS IN A COMMUNITY OWNERSHIP MODEL, UM, TO KEEP THE HOUSING PERMANENTLY AFFORDABLE. AND OUR CITY HAS COMMITTED IN OUR HOUSING ELEMENT TO SUPPORT COMMUNITY. LAND TRUST HERE IN LONG BEACH, HAS ANOTHER TOOL IN OUR TOOL BELT, UM, FOR COMMUNITY STEWARDSHIP OF LAND AND ALSO LONG TERM AFFORDABILITY. SO IN TODAY'S ITEM, WE ARE RECOMMENDING FUNDING THREE OF THE FOUR PROPOSALS THAT WE RECEIVED, THE PRO PROPOSAL FROM CENTURY, THE ONE FROM JAMBOREE, AND THE ONE FROM THE COMMUNITY LAND TRUST. AND I'LL WALK YOU THROUGH EACH OF THOSE, UM, TOGETHER THOSE THREE PROPOSALS, TOTAL REQUEST OF 4 MILLION IN FUNDING, AND THEY WOULD DELIVER 119 AFFORDABLE HOUSING UNITS. UM, WE'RE EXCITED ABOUT EACH OF THESE PROJECTS AND WHAT THEY OFFER OUR COMMUNITY. IT'S A REALLY A UNIQUE OPPORTUNITY TO FUND, UM, BOTH NEW HOUSING, UM, CONSTRUCTION, WHICH WE JUST TALKED ABOUT AS SUCH A GREAT NEED IN LONG BEACH IN TERMS OF MEETING OUR ARENA TARGETS, BUT ALSO TO FUND ACQUISITION AND REHABILITATION OF EXISTING BUILDINGS, WHICH WE DON'T OFTEN GET THE OPPORTUNITY TO DO. UM, AND REHABBING THESE EXISTING BUILDINGS HAS A NUMBER OF BENEFITS THAT I WANNA JUST TALK ABOUT BRIEFLY. UM, SO FIRST IT HELPS US PRESERVE OUR CURRENT HOUSING STOCK, WHICH WE HAVE A REALLY OLD HOUSING STOCK HERE IN LONG BEACH. IT'S AGING, IT'S IN NEED OF REPAIRS, SO WE'RE ABLE TO PROBABLY KNOW, PROVIDE FUNDING TO GET THAT WORK DONE. UM, THE NEXT IS RECORDING AN AFFORDABILITY COVENANT AGAIN ON HOUSING THAT'S AT RISK OF HAVING RENT AND RENT SO THAT WE CAN KEEP PEOPLE IN THEIR HOMES AND WE CAN MAKE SURE THOSE HOMES STAY AFFORDABLE FOR A LONG TIME. UM, AND THEN THE LAST THING I WANNA MENTION IS THAT REPAIRING OLDER BUILDINGS IS MUCH MORE COST EFFICIENT AND IT'S, UM, FASTER THAN NEW CONSTRUCTION. SO OUR COMMUNITY WILL BE GAINING DEED RESTRICTED, LEGALLY AFFORDABLE UNITS, UM, AT A MUCH FASTER RATE. AND ALSO OUR DOLLARS GO A LOT FURTHER. SO THERE'S A NUMBER OF BENEFITS THERE THAT WE'RE EXCITED ABOUT IN THESE PROPOSALS. SO THE FIRST PROJECT I WANNA TALK ABOUT IS, UM, CENTURIES PROPOSAL. I'LL GIVE SOME HIGHLIGHTS ON EACH OF THESE AND THEN HAPPY TO ANSWER QUESTIONS IF YOU WANNA HEAR MORE DETAIL ABOUT ANY OF THEM. C IS PROPOSING TO USE 1.2 MILLION IN FUNDS TO REHABILITATE, UH, A DEVELOPMENT THAT'S KNOWN AS AFIELD APARTMENTS. IT'S IN NORTH LONG BEACH. THIS IS A FAIRLY LARGE APARTMENT COMPLEX THAT HAS 55 UNITS. THEY ARE MOSTLY TWO TO THREE BEDROOMS THAT CAN ACCOMMODATE FAMILIES, WHICH IS GREAT. WE HAVE A HUGE NEED FOR THAT. THE BUILDING DOESN'T HAVE AFFORDABILITY REQUIREMENTS CURRENTLY. SO AGAIN, CENTURY WOULD ADD A COVENANT AS A CONDITION OF THIS FUNDING TO RESTRICT THE UNITS AS AFFORDABLE FOR 55 YEARS. AND THEN MOST OF THOSE UNITS WOULD BE AFFORDABLE FOR FAMILIES EARNING UP TO 60% OF THE AREA MEDIAN INCOME. THIS, UH, PROPERTY IS LOCATED ON AFIELD AVENUE. IT IS NEAR SOUTH STREET IN PARAMOUNT BOULEVARD IN NORTH LONG BEACH CENTURY ALREADY OWNS THE PROPERTY. THEY PURCHASED IT IN 2021, UM, WHICH IS GREAT NEWS IN TERMS OF THEIR READINESS AND, YOU KNOW, TO GET STARTED WITH CONSTRUCTION RIGHT AWAY. ONCE THE FUNDING IS ALL IN PLACE, THOSE 55 UNITS ARE SPREAD ACROSS FIVE BUILDINGS ON THIS, UM, SITE. AND THE CURRENT AMENITIES INCLUDE A SWIMMING POOL, A SUN DECK, BARBECUE FACILITIES, AND COVERED PARKING WITH THE FUNDING, UH, CENTURIES PROPOSING TO ADDRESS SAFETY [00:25:01] NEEDS AND IMPROVE HABITABILITY OF THE BUILDING. UM, SO THAT INCLUDES REPLACING OUTDATED ELECTRICAL PANELS. THESE HAVE BEEN RECALLED AND POSE A FIRE RISK. SO THAT'S THE, THE MOST URGENT LIFE AND SAFETY, UH, NEED WE'VE IDENTIFIED WITH THIS BUILDING OR THEY'VE IDENTIFIED WITH THE BUILDING. IN ADDITION, THEY'RE LOOKING AT DOING PLUMBING REPAIRS, MOISTURE REMEDIATION, AND THEN REPLACING OR REPAIRING THE ROOF. THEY ANTICIPATE THAT THIS WORK CAN BE PHASED SO THAT ALL CURRENT TENANTS CAN STAY IN THEIR UNITS. THEY DON'T EXPECT TO HAVE TO TEMPORARILY RELOCATE ANYONE. THE NEXT PROJECT IS FROM THE LONG BEACH COMMUNITY LAND TRUST. THEY ARE REQUESTING $800,000 TO PURCHASE AND THEN REHABILITATE THE STARDUST APARTMENT COMPLEX. THIS IS ALSO IN NORTH LONG BEACH. IT'S A PROPERTY WITH 28 UNITS. THAT'S MOSTLY ONE BEDROOMS. NOW THIS, UH, THE CLT COMMUNITY LAND TRUST MODEL IS UNIQUE IN THAT IT KEEPS HOUSING AFFORDABLE PERMANENTLY. SO INSTEAD OF THE TRADITIONAL 55 YEAR AFFORDABILITY COVENANT THAT'S, YOU KNOW, STANDARD WITHIN AFFORDABLE HOUSING, THIS IS AN AFFORDABILITY COVENANT IN PERPETUITY, WHICH WE LOVE. UM, AND THEN MOST OF THESE UNITS WOULD BE RESTRICTED FOR HOUSEHOLDS AT, AT THE LOWER INCOME, 80% A MI THE PROPERTY IS IN, UM, ON THE CORNER OF CHERRY AND 63RD, UH, THE COMMUNITY LAND TRUST HAS ENTERED INTO AN OPTION TO PURCHASE AGREEMENT WITH THE SELLER. AND IT'S, UM, 28 UNITS SPREAD OVER TWO PROPERTIES, UH, SORRY, TWO BUILDINGS. THEY HAVE ONSITE LAUNDRY AND PARKING WITH THE FUNDING. THE COMMUNITY LAND TRUST IS PROPOSING TO ADDRESS DEFERRED MAINTENANCE AND IMPROVE HABITABILITY OF THE PROPERTY. UM, SO THINGS LIKE PEST CONTROL, MOLD REMEDIATION, ROOFING REPAIRS, PLUMBING AND SEWER REPAIRS AND SECURITY IMPROVEMENTS. AGAIN, THEY ALSO DON'T EXPECT THIS TO DISRUPT TENANTS. THE INTERIOR OF THE UNITS ACTUALLY FOR THIS BUILDING WAS RECENTLY UPDATED. AND SO THEY'RE YEARLY DOING THESE LARGER SYSTEM REPAIRS AND EXPECT THAT EVERYONE CAN STAY WITHIN THEIR UNITS. UM, JUST A, A NOTE ON THIS PROJECT, WE REALLY BELIEVE THAT THIS IS A GREAT OPPORTUNITY TO FURTHER INVEST IN OUR LONG BEACH COMMUNITY LAND TRUST. THEY'RE A NEWER AGENCY THAT WAS ESTABLISHED JUST A COUPLE YEARS AGO. OUR CITY COUNCIL HAS DIRECTED SOME SEED FUNDING TO THEM THROUGH RECOVERY ACT FUNDS, WHICH WAS, UM, C DOLLARS AND THEN ALSO THROUGH THE NEW LA CASA MEASURE A FUNDS. UM, AND THEN IF YOU REMEMBER, THIS BOARD APPROVED THE CONVEYANCE OF, UM, MAIN AVENUE SENIOR APARTMENTS COMPLEX, WHETHER THAT WAS IN, UM, FEBRUARY OR JANUARY OF THIS YEAR, EARLIER IN THIS YEAR. UM, AND SO THIS PROPOSED PROJECT WE SEE AS A, A GREAT OPPORTUNITY FOR THE LAND TRUST TO CONTINUE BUILDING THEIR PORTFOLIO, REALLY START MANAGING UNITS TO BENEFIT RESIDENTS. UM, AND THEN A NOTE ON THEIR OTHER FINANCING, THE LAND TRUST IS PLANNING TO APPLY TO THE LA CASA AGENCY, UM, THAT THAT COUNTY AGENCY HAS DOLLARS THAT THEY GIVE OUT THROUGH COMPETITIVE NOVAS DIRECTLY. THEY'RE OPENING ONE UP IN THE FALL SPECIFICALLY FOR LAND TRUSTS. AND SO FOR THIS PROJECT, THE LAND TRUST PLANS TO APPLY TO LA CASA, UM, FOR THE REST OF THE FUNDING NEEDED TO PURCHASE THE SITE INTO THE REHABILITATION. AND LA CASA HAS A MATCHING GRANT STRUCTURE TO THAT NOFA. SO A COMMITMENT OF FUNDS FROM THE CITY UNLOCKS A MATCHING GRANT FROM LA CASA, WHICH WE SEE AS, UM, A REALLY NICE WAY TO LEVERAGE ADDITIONAL DOLLARS FOR THEM. SO THE LAST OF OUR RECOMMENDED PROJECTS COMES FROM DEVELOPER JAMBOREE. THEY ARE REQUESTING $2 MILLION TO PURCHASE A CITY OWNED VACANT LOT, AND THEY PLAN TO DEVELOP 39 AFFORDABLE UNITS. HERE THE PROPOSED PROJECT IS A MIX OF ONE, TWO, AND THREE BEDROOMS THAT ARE LARGE ENOUGH TO ACCOMMODATE FAMILIES AND THE UNITS WOULD BE RESTRICTED FOR HOUSEHOLDS UP TO 80%. A MI. UH, THE PROPERTY IS, UM, ON SOUTH STREET NEAR ATLANTIC, IF YOU'RE FAMILIAR WITH THE NORTH LONG BEACH AREA. THIS IS JUST SOUTH OF MICHELLE OBAMA LIBRARY. UH, JAMBOREE CURRENTLY HAS AN ENA WITH THE CITY TO PURCHASE THE PROPERTY. AND THIS PROJECT PROBABLY SOUNDS REALLY FAMILIAR BECAUSE JUST IN JUNE, THE L-B-C-I-C UH, AWARDED $5 MILLION IN OUR LA CASA DOLLARS TO JAMBOREE FOR THE DEVELOPMENT COST. SO THIS WOULD BE A SEPARATE FUNDING AWARD FOR ACQUISITION. HERE'S, UH, JAMBOREE'S CURRENT RENDERING OF THE PROJECT. UM, SOME GREAT AMENITIES WITH THIS, WITH THIS PROJECT. THEY'RE INCLUDING A COMMUNITY ROOM WITH A KITCHEN AND A A COMPUTER AREA, A PET WASHING STATION, WHICH IS A FUN THING. WE DON'T SEE VERY OFTEN AN INDOOR BIKE PARKING, OUTDOOR BARBECUE AREA AND A TOP LOT. SO THERE ARE THREE VERY LONG RECOMMENDATIONS HERE WITH THIS ITEM, BUT THAT IS NEEDED JUST FOR THREE DISTINCT FUNDING AWARDS AND THEN AUTHORIZATION TO ENTER INTO THREE SEPARATE EA WITH EACH OF THESE AGENCIES. AND I'M HAPPY TO ANSWER ANY QUESTIONS THAT YOU MAY HAVE. DIRECTORS, ANY QUESTIONS ON THE PRESENTATION? A QUICK QUESTION. THAT'S OKAY. GO AHEAD. YEAH. SO, UH, ALL FOUR OF THESE NORTH LONG BEACH, RIGHT? MM-HMM . UM, [00:30:01] WHAT'S THE REASON FOR THE FOURTH ONE NOT BEING SELECTED OR JUST BASED ON NOT ENOUGH FUNDING OR WHAT WAY WHY? YEAH, GREAT QUESTION. I SHOULD HAVE MENTIONED THAT WHEN I WENT THROUGH. LET ME, UM, FLIP BACK TO WHERE I HAVE THE DESCRIPTION OF IT. UM, SO THIS ONE, IT'S AT THE, THE FOURTH BULLET AT THE BOTTOM FROM SUPER STRAINS TO REHAB A SINGLE FAMILY HOME AND THEN BUILD TWO ADUS. CDBG FUNDS HAS TO BE USED FOR MULTIFAMILY CONSTRUCTION. AND SO EVEN THOUGH ADDING IN TWO A'S WOULD ADD MORE UNITS, THEY'RE CONSIDERED ACCESSORY UNITS AND NOT PRIMARY. AND SO THIS PROPERTY DOESN'T QUALIFY AS MULTIFAMILY UNDER THE FEDERAL GUIDELINES FOR OUR FUNDING SOURCE, BUT WE ALSO, UM, DON'T HAVE THE MONEY. SO IT'S A BOTH ANSWER. YES. UM, IN FACT, WE LIKE AIRLINES, UH, OVER SELL TICKETS, WE SLIGHTLY OVER COMMIT OUR FUNDING, UM, BECAUSE PROJECTS WE ALWAYS MAKE SURE THEY GO FORWARD, BUT SOMETIMES THEY GO FORWARD A LITTLE BIT LATER THAN WHAT THEY TELL US. UM, SO WE ALREADY OVER-LEVERAGE SLIGHTLY. SO WE HAVE TO BE CAREFUL, UH, NOT TO SELL MORE TICKETS THAN PEOPLE THAT ARE NOT GONNA SHOW UP. PERFECT. YEAH. SO YOU BASICALLY, THERE WAS TWO ANSWERS AND I GOT WHAT MY QUESTION THERE WAS A LITTLE OPEN ENDED, SO YEAH, THANK YOU. UM, OBVIOUSLY A LOT OF MONEY BEING ALLOCATED TO NORTH LONG BEACH, SO THE 5 MILLION AND THEN THERE'S 4 MILLION. SO, UH, I PASS BY THERE QUITE OFTEN, SO I CAN SEE, YOU KNOW, BEING A LITTLE CHALLENGING, BUT, YOU KNOW, THIS IS, UH, GOOD NEVERTHELESS. THANK YOU. I JUST HAD A QUICK COUPLE OF QUICK COMMENTS. THANK YOU FOR THE PRESENTATION AND EXCITING TO SEE SO MUCH STUFF HAPPENING WITH THE LONG BEACH CITY TRUST, UH, STARTING TO GET SEEDED AND TO GROW. UH, I'M ALSO REALLY HAPPY TO SEE US PRIORITIZING PROJECTS THAT HAVE THREE BEDROOMS. IT SEEMS LIKE THAT'S A REAL HOLE IN OUR DONUT WHEN IT COMES TO AFFORDABLE HOUSING. AND THEN, JUST SO I UNDERSTAND, THESE ARE ACTUAL GRANTS THAT WE'RE GIVEN THESE, RIGHT? THESE ARE AN EXCHANGE FOR DEED RESTRICTIONS IS BASICALLY THE, THEY'D ALL BE LOANS. THEY WOULD ALL BE LOANS. YEP. RESIDUAL SEED FUNDS. ARE THEY FORGIVABLE AT THE END OR THEY'RE ALL LOW INTEREST? THREE RESIDUAL SEATS. YEAH. PERFECT. YEAH. SO LET'S, UM, JUST FOR EVERYONE'S BENEFIT, UM, THEY'RE NOT FORGIVABLE, BUT SOMETIMES THEY DON'T PAY US. SO LET ME EXPLAIN THAT. A UH, RESIDUAL RECEIPTS LOAN, UH, REQUIRES THEM TO MAINTAIN THE AFFORDABILITY. EVERY YEAR. THEY PROVIDE US FINANCIALS. THEY'RE ALLOWED TO, OF COURSE, PAY THE FIRST LENDER WHO HAS THE PERMANENT LOAN. THEY NEED TO COVER ALL OF THEIR PROPERTY MANAGEMENT COSTS. THEY'RE ALLOWED TO TAKE A REASONABLE, UM, DEVELOPER FEE OR PROFIT. AND IF THERE ARE PROCEEDS LEFT OVER AFTER ALL OF THAT, THEN WE GET A PAYMENT ON OUR LOAN. UM, THE LOAN STAYS ON THE BOOKS UNTIL WE'RE PAID BACK. BUT OFTENTIMES THERE ARE YEARS THAT WE DON'T GET PAID OR MANY YEARS THAT WE DON'T GET PAID. UM, CURRENT INTEREST RATES MEANS THE INTEREST ON THEIR PERMANENT LOAN, THEIR FIRST IN POSITION LENDER IS PRETTY HIGH. SO I WOULD EXPECT WE WON'T GET PAYMENTS IN INITIAL YEARS OF THESE PROJECTS. BUT, UH, THERE WILL BE SOME POINT IN THE FUTURE WHERE INTEREST RATES ARE LOWER OR THEY HAVE LOW EXPENSES IN A GIVEN YEAR, AND THERE ARE LEFTOVER OR RESIDUALS AT THE END OF THE YEAR AND THEY WOULD MAKE A PAYMENT. UM, IN THOSE YEARS. AND IN SOME CIRCUMSTANCES, THE PROJECT GETS REFINANCED AND WE GET REPAID. OTHERWISE, OUR LOAN STAYS ON THE BOOKS, BUT THEY'RE, UM, THEY'RE ONLY FORCED TO PAY TO THE DEGREE THAT THERE'S FUNDS AVAILABLE. AND, AND THAT GOES ON FOR THE 55 YEARS THAT THE COVENANTS ARE IN EFFECT. YEP. YEAH, IT'S A GOOD EXCHANGE FOR THE, UH, THE DEED RESTRICTIONS ON THE OTHER SIDE. THANKS FOR CLARIFYING THAT, CHRISTOPHER. THANK YOU. I HAD A QUICK QUESTION ABOUT THE AFFORDABILITY COVENANTS IN EXISTING BUILDINGS WITH EXISTING TENANTS. HOW DO YOU END UP PROVING THEY'RE, THEY MEET THOSE QUALIFICATIONS? YEAH, IT'S A GREAT QUESTION AND SOMETHING WE'RE WORKING THROUGH WITH THE DEVELOPERS. UM, CDBG FUNDS ACTUALLY HAVE SOME FLEXIBILITY, WHICH, UM, HELPS HERE. SO CDBG MINIMUM REQUIREMENT IS THAT 51% OF THE OCCUPANTS OF THE BUILDING BE LOWER INCOME HOUSEHOLDS. UM, EVEN THOUGH THESE OF COURSE WILL BE 100% AFFORDABLE, BUT THAT EXTRA 49% GIVES US SOME ROOM IF SOMEONE IS OVER INCOME WHERE WE COULD WAIT FOR NATURAL TENANT TURNOVER AND THEN THE NEW TENANT WOULD, UM, NEED TO MEET THE INCOME QUALIFICATIONS. RIGHT NOW, IN CONVERSATIONS WITH BOTH OF THE DEVELOPERS THAT ARE PROPOSING REHABILITATION PROJECTS, SO CENTURY AND THE COMMUNITY LAND TRUST, UM, THEY FEEL VERY CONFIDENT THAT ALL OF THE HOUSEHOLDS WILL MEET 80% A MI CENTURY ALREADY OWNS THE BUILDING. SO THEY KNOW THESE TENANTS, THE LAND TRUST DOESN'T YET OWN IT. UM, BUT IN THEIR CONVERSATIONS WITH THE OWNER, THEIR, YOU KNOW, RESEARCH ON, ON THE AREA AND THE FACT THAT LOWER INCOME ACTUALLY IS, I MEAN IT'S, IT'S 93,000 FOR LA COUNTY FOR A HOUSEHOLD OF ONE, UM, THEY FEEL CONFIDENT, OH, YOU KNOW, FOLKS WILL, WILL BE UNDER THAT LIMIT. [00:35:01] BUT THAT WOULD, THAT CITY BG REGULATION GIVES US A LITTLE BIT OF, UM, FLEXIBILITY IF NEEDED. I THINK THAT WAS ONE OF THE COMMENTS YOU'D MADE EARLIER TOO, THAT THIS IS A UNIQUE WAY OF PRESERVING THOSE LOWER INCOME HOUSINGS THAT WE ALREADY HAVE. YES. KIND OF SAVING THEM FROM THE CYCLE OF BEING UP UPCYCLED. I ALSO JUST WANNA ADD THAT NEITHER WE'VE, WE'VE TALKED TO BOTH OF THESE DEVELOPER OWNERS AND NEITHER OF THEM ARE IN THE BUSINESS OF DISLOCATING MM-HMM . UM, HOUSEHOLDS. SO THEY, NO ONE WILL BE ASKED TO LEAVE. IT WILL JUST BE FROM NATURAL, UM, VACANCY. AND TRADITIONALLY WHAT WE DO IS JUST HAVE THEM PAY 30% OF THEIR ANNUAL INCOME TOWARDS RENT. IN THE MEANTIME, I HAD A QUESTION ABOUT THE, UH, 55 YEAR VERSUS THE OTHER. UH, I BELIEVE ONE OF THE THREE IS A LITTLE BIT LONGER, IS LONGER. RIGHT. COULD YOU PER EXPLAIN THAT IT'S PER YEAH. SO THE, THE COMMUNITY LAND TRUST, THIS IS PART OF THEIR, UM, THEIR MISSION AND THEIR FUNCTION IS THEY WILL STAY AS THE OWNER OF THE LAND AND IT IS PERMANENTLY AFFORDABLE. THERE IS NO END TO THEIR AFFORDABILITY RESTRICTION. WHEREAS FOR CENTURIES PROJECT FOR JAMBOREE PROJECT, IT ENDS AT 55 YEARS. THANK YOU. OKAY. WE WILL NOW TAKE PUBLIC COMMENT. UH, CLERK, PLEASE CALL FOR PUBLIC COMMENT. IF THERE ARE ANY MEMBERS OF THE PUBLIC THAT WOULD LIKE TO PROVIDE PUBLIC COMMENT ON ITEM FOUR, PLEASE LINE UP AT THE PODIUM AT THIS TIME. SEEING NONE. THAT CONCLUDES PUBLIC COMMENT. FOR ITEM FOUR, PLEASE CALL FOR THE VOTE. MOTION IS CARRIED. THANK YOU. AND [PUBLIC COMMENT Opportunity to address The Long Beach Community Investment Company on non-agenda items. Each speaker is limited to three minutes to make their comments unless extended by the Chair.] AT THIS TIME, WE'LL NOW TAKE NON-AG AGENDA. PUBLIC COMMENTS. CLERK, PLEASE CALL FOR PUBLIC COMMENTS. IF THERE ARE ANY MEMBERS OF THE PUBLIC THAT WOULD LIKE TO PROVIDE NON-AGENDA, PUBLIC COMMENT, PLEASE LINE UP AT THE PODIUM AT THIS TIME. SEEING NONE. THAT CONCLUDES NON-AGENDA, PUBLIC COMMENT. DIRECTORS, ANY [ANNOUNCEMENTS] ANNOUNCEMENTS? I JUST WANNA THANK YOU, UH, PIGGYBACK ON WHAT RICHARD SAID FOR THE REPORT. VERY INFORMATIVE, VERY WELL SPOKEN. GOOD JOB. APPRECIATE YOU. [ADJOURNMENT] OKAY. IF THERE'S NO OBJECTION, I DECLARE THIS MEETING ADJOURNED. THANK YOU. * This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.