Report Prepared by: Mark E. Hamilton, Housing Program Supervisor, Housing Division, Development Services Department
Title
SUBJECT: Consideration of a City Loan Commitment Agreement with the Central Valley Coalition for Affordable Housing for the Development of Gateway Terrace II Apartments
REPORT IN BRIEF
Request to authorize a commitment of financial assistance to Gateway Terrace II Apartments for up to $1,385,000 from HOME Investment Partnership, Community Housing Development Organization, and Community Development Block Grant Funds.
RECOMMENDATION
City Council - Adopt a motion approving the funding agreement for Gateway Terrace II Apartments in the amount of $1,385,000 with Central Valley Coalition for Affordable Housing; and authorizing the City Manager to execute all necessary documents.
Body
ALTERNATIVES
1. Approve as recommended by staff; or,
2. Approve, subject to other than recommended by staff (identify specific findings and/or conditions amended to be addressed in City Council motion); or,
3. Deny; or,
4. Refer to City Manager for reconsideration of specific items to be addressed in City Council motion); or,
5. Continued to a future City Council meeting (date and time to be specified in City Council motion).
AUTHORITY
Title 24 of the Code of Federal Regulations, Part 570 (the U.S. Housing and Urban Development regulations concerning CDBG including Subpart M of these regulations), Sections 570.705(c) - Loan Guarantees and 570.706 - Federal Guarantee, Subrogation. And per HUD regulations HOME Investment Partnership Program; 24 CFR Part 92.201.
CITY COUNCIL PRIORITIES
As provided for in the 2015-16 Adopted Budget and originally amended into the 2015 HUD Annual Plan.
DISCUSSION
Staff is requesting Council consideration of the City Loan Commitment Agreement to provide financial assistance to the Central Valley Coalition for the Affordable Housing for the construction of 50 units. The agreement is a part of the developer application to ...
Click here for full text