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Housing Commission recommends City Council accept FY 2024–25 Housing Trust Fund report
Summary
The Carlsbad Housing Commission voted 4–0 to recommend City Council accept the FY 2024–25 Housing Trust Fund annual report after a staff presentation that reviewed recent loans, completed projects and the fund's year‑over‑year balance.
Mandy Mills, director of the Housing and Homeless Services Department, presented the Carlsbad Housing Commission with the Fiscal Year 2024–25 Housing Trust Fund annual report and the commission voted to recommend City Council acceptance.
Mills told the commission the trust fund is required by the Carlsbad Municipal Code and City Council Policy 90 to hold in‑lieu fees from inclusionary housing and to be used for affordable housing in Carlsbad. She highlighted two projects completed during the year: Vista Azul, a 70‑unit affordable project that received a $3,100,000 loan in 2021, and Vintage at Marjah Acres, a 46‑unit senior affordable project tied to a larger KB Homes development that received a $715,000 loan in 2021. Mills said a $310,000 final retention payment for Vista Azul was issued in 2024–25.
The presentation described revenue sources — in‑lieu fees and credits from developers, loan repayments and interest — and expenditures, including the retention payment for Vista Azul, limited homeless services spending and purchases under the affordable housing resale program. Mills said the available fund balance increased during the year; staff reported a net increase of roughly $2.2 million in available balance while noting that some of the balance is already reserved for loan commitments such as West Oaks and La Posada.
Commissioner Yegorz asked whether the city maintains a target growth policy for the trust fund; Mills said there is no explicit target and that the fund has historically hovered around $10–$12 million, with larger capital commitments occurring in cycles. Yegorz also raised planning and fire‑safety concerns about ingress and egress at West Oaks; Mills said fire severity zones and ingress/egress receive significant scrutiny during planning review.
Chair Chang called for a motion to adopt a resolution recommending City Council accept and approve the FY 2024–25 Housing Trust Fund annual report. Commissioner Holden moved the resolution and Commissioner Berger seconded. The commission approved the recommendation by a vote of 4–0.
The commission’s recommendation will be forwarded to City Council for final consideration in early December.
