Report Prepared by: Scott McBride, Director of Development Services, Housing Division of Development Services Department
Title
SUBJECT: Approval of Affordable Housing Funding Commitments and Authorization of Conditional Letters of Commitment Subject to Review by the City Attorney
REPORT IN BRIEF
Approval of Affordable Housing Funding Commitments, authorizing Conditional Letters of Commitment consistent with the Council Direction in a form subject to review by the City Attorney, and authorizing the City Manager or Deputy City Manager to execute all related documents to implement these Affordable Housing projects.
RECOMMENDATION
City Council - Adopt a motion:
A. Authorizing Conditional Letters of Commitment in a form subject to review by the City Attorney; and,
B. Authorizing the City Manager or Deputy City Manager to execute all related documents to implement these Affordable Housing projects.
Body
ALTERNATIVES
1. Approve, as recommended by Staff; or,
2. Approve, subject to conditions other than recommended by Staff (identify specific findings and/or conditions amended to be addressed 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 2021/22 Adopted Goals and & Priorities, 4. Housing and Homelessness, ii. Policy Direction.
DISCUSSION
This is the second round of funding commitments being considered by the City Council in support of affordable housing production. Previously the Council provided support to the following:
* Meta Housing - Devonwood Village
The City previously considered HOME funds in the amount of $1,900,000 towards this 154-unit project. The land contract has expired with Meta Housing. The property owner is now under contract with Richman Development Group. This is the developer of Childs and B project. They are seeking funding commitments which will be further defined ...
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