...Title
Actions Related to a Loan Commitment for the Acquisition and Rehabilitation of Virginian Apartments Located at 1718, 1724, and 1730 Virginia Avenue.
...Recommendations
(a) Adopt a resolution:
(1) Approving an Acquisition and Rehabilitation loan commitment of up to $5,000,000 in Real Property Transfer Tax Funds and Inclusionary Housing Ordinance Funds, or such other special funds as the City may designate to the South Bay Community Land Trust or an affiliated development entity for the Virginian Apartments development, an existing naturally occurring affordable residential rental property, located at 1718,1724, and 1730 Virginia Avenue, which is being acquired and rehabilitated to preserve 18 affordable homes; and
(2) Authorizing the Housing Director, or his designee, to negotiate and execute loan documents and all other documents, including any amendments thereto, related to City financing for the Virginian Apartments development.
(b) Adopt the following Fiscal Year 2024-2025 Appropriation Ordinance amendments in the Real Property Transfer Tax Fund:
(1) Decrease the Measure E - 5% Moderate-Income Households Reserve appropriation by $3,650,000; and
(2) Increase the Measure E - 5% Moderate-Income Households appropriation to the Housing Department by $3,650,000.
(c) Adopt the following Fiscal Year 2024-2025 Appropriation Ordinance amendments in the Inclusionary Fee Fund:
(1) Decrease the Committed Projects Reserve appropriation by $1,350,000; and
(2) Increase the Housing Loans and Grants appropriation to the Housing Department in the amount of $1,350,000.
CEQA: Categorically Exempt, File No. ER24-246, CEQA Guidelines Section 15301, Existing Facilities. Council District 5. (Housing/City Manager)