Report Prepared by: Kimberly Nutt, Housing Program Supervisor, Development Services Department
Title
SUBJECT: Authorizing a Letter of Conditional Commitment Reservation of up to $1,756,934 of the City's U.S. Department of Housing and Urban Development (HUD) Home Investment Partnership Program (HOME) Funding to Linc Housing Towards Construction of an Affordable Rental Housing Project
REPORT IN BRIEF
Considers authorizing a conditional commitment reservation letter to be signed by the City Manager and issued to Linc Housing, developer of the future "I Street, Merced" Apartments, a 54-unit affordable housing project to be located over five combined parcels (pending lot merger) for up to $1,756,934 of the City's 2021, 2022, and 2023 allocations of HUD HOME funds.
RECOMMENDATION
City Council - Adopt a motion:
A. Authorizing a Conditional Commitment Reservation letter to be provided to developer Linc Housing, for the pending 54-unit affordable housing project, for up to $1,756,934 of the City's HUD HOME funding; and,
B. Authorizing the City Manager to execute and issue the subject conditional commitment reservation letter, including any revised letter due to any necessary and minor changes to the reservation amount or other administrative reasons, and all related documents.
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; and, the Code of Federal Regulations (CFR) that regulates HOME funding (24 CFR Part 92) and related financial management regulations (2 CFR Part 200).
CITY COUNCIL PRIORITIES
Council Goals and Priorities in support of affordable housing.
DISCUSSION
City staff requests consideration of authorizing the issuance of the attached draft Conditional ...
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