Report Prepared by: Kimberly Nutt, Housing Program Supervisor/Development Services Department
Title
SUBJECT: Authorizing a Letter of Conditional Funding Commitment Reservation of U.S. Department of Housing and Urban Development (HUD) Home Investment Partnership Program American Rescue Plan (HOME-ARP) Funding Towards an Affordable Rental Housing Construction Project at 3015 Park Avenue, Merced, for up to $1,690,461.30 of the City's Allocation of HUD HOME-ARP Funding
REPORT IN BRIEF
Considers authorizing a conditional funding commitment reservation letter to be signed and issued to UPholdings California, LLC, developer of the future Mercy Village Apartments, a 66-unit affordable housing project to be located at 3015 Park Avenue, Merced, for up to $1,690,461.30 of the City's allocation of HUD HOME-ARP funding.
RECOMMENDATION
City Council - Adopt a motion:
A. Authorizing a Conditional Commitment Reservation letter, following review as to form by the City Attorney, to be provided to UPholdings California, LLC, developer of the future Mercy Village affordable housing project at 3015 Park Avenue for up to $1,690,461.30 of the City's allocation of HUD HOME-ARP funding; and,
B. Authorizing the City Manager to execute all related documents; and,
C. Authorizing the Finance Officer to make the necessary budget adjustments.
Body
ALTERNATIVES
1. Approve, as recommended by Staff; or,
2. Approve, subject to conditions other than recommended by Staff (specify findings and/or conditions to be amended in the motion); or,
3. Deny; or,
4. Continue to a future meeting (date and time to be specified in the motion).
AUTHORITY
Charter of the City of Merced, Section 200.
CITY COUNCIL PRIORITIES
Fiscal Year 2023/2024 Adopted Goals and Priorities regarding Housing & the Unhoused (Items a. and b.).
DISCUSSION
Housing Division staff requests consideration of authorizing the issuance of the attached draft Conditional Commitment Reservation letter to UPholdings/UP Mercy...
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