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File #: 21-1895    Version: 1
Type: Community & Economic Development Status: Agenda Ready
File created: 8/17/2021 In control: City Council
On agenda: 8/31/2021 Final action:
Title: Approval of a Loan Commitment to First Community Housing for the Development of McEvoy Apartments, a New Affordable Apartment Community.
Attachments: 1. Memorandum, 2. Resolution, 3. Presentation - est. 5 minutes

...Title

Approval of a Loan Commitment to First Community Housing for the Development of McEvoy Apartments, a New Affordable Apartment Community.

...Recommendations

(a) Adopt a resolution:

 (1) Approving a total commitment of up to $20,000,000 in Measure E funding reserved in the General Fund for a Construction-Permanent Loan to First Community Housing, or an affiliated entity, for the McEvoy Apartments, a new affordable development to be located at 280 McEvoy Street, which is being developed to offer 222 rent-and income-restricted apartments for extremely low-income, very low-income, low-income at 80% of Area Median Income households and two unrestricted manager’s unit (“Development”);

 (2) Authorizing the Director of Housing to negotiate and execute loan documents, amendments and all other documents, including any amendments thereto, related to the City financing for the Development; and

 (3) Approving a loan-to-value ratio of greater than 100% for this loan.

(b) Adopt the following Appropriation Ordinance Amendments in the General Fund:

 (1) Decrease the Measure E - 45% Extremely Low Income Reserve appropriation by $15,625,000;

 (2) Decrease the Measure E - 35% Low Income Reserve appropriation by $4,375,000;

 (3) Establish a Measure E - 45% Extremely Low Income appropriation to the Housing Department in the amount of $15,625,000; and

 (4) Establish a Measure E - 35% Low Income appropriation to the Housing Department in the amount of $4,375,000.

CEQA: Addendum to the Diridon Station Area Plan Final Environmental Impact Report (SCH#2011092022, Resolution No. 77096), File Nos. GP17-015, C18-034, SP18-059, and T19-017. (Housing/City Manager)