...Title
Actions Related to the Loan Commitment for the Valley Transportation Authority Capitol Station Affordable Housing Development.
...Recommendations
(a) Adopt a resolution:
(1) Approving a Construction-Permanent Loan commitment of up to $8,400,000 in Low- and Moderate-Income Housing Asset Funds, or such other special funds as the City may designate, to MidPen Housing Corporation or an affiliated development entity for the Valley Transportation Authority Capitol Station affordable housing development located on the southwest corner of West Capitol Expressway and Narvaez Avenue;
(2) Authorizing the loan terms to allow an increase in the rents and income restrictions up to 60% of Area Median Income for new tenants in Project-Based Voucher subsidized apartments in the event of expiration or termination of Project-Based Vouchers and for all tenants in the event of foreclosure, to the extent the City has determined such increase is needed for the feasibility of the above development and allowed by other funds; and
(3) Authorizing the Director of Housing or his designee to negotiate and execute loan documents and all other documents, including any amendments thereto, related to City financing for the Valley Transportation Authority Capitol Station multifamily affordable housing development.
(b) Adopt the following 2025-2026 Appropriation Ordinance amendments in the Low and Moderate Income Housing Asset Fund:
(1) Decrease Housing Project Reserve by $8,400,000; and
(2) Increase the Housing Loans and Grants appropriation to the Housing Department by $8,400,000.
CEQA: Exempt per Public Resources Code Section 21080(b)(1) and CEQA Guidelines Section 15369, Ministerial Project pursuant to Government Code Section 65913.4, File No. ER20-109. Council District 2. (Housing/City Manager)