San Jose Ca.Gov
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File #: 21-1896    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 ROEM Development Corporation for the Development of 961 Meridian Apartments, a New Affordable Apartment Community. - DROP
Attachments: 1. Memorandum, 2. Resolution

...Title

Approval of a Loan Commitment to ROEM Development Corporation for the Development of 961 Meridian Apartments, a New Affordable Apartment Community. - DROP

...Recommendations

(a) Adopt a resolution:

 (1) Approving a total commitment of up to $8,250,000 in Low and Moderate Income Housing Asset Funds and $6,750,000 in Inclusionary Fee Funds for a Construction-Permanent                      Loan to ROEM Development Corporation, or an affiliated entity, for the 961 Meridian Apartments, a new affordable development to be located at 961 Meridian Ave, which is being developed to offer 231 rent-and income-restricted apartments for extremely low-income, very low-income, low-income households and two unrestricted manager’s units;

 (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 Low and Moderate Income Housing Asset Fund:

 (1) Decrease the Housing Project Reserve appropriation by $8,250,000; and

 (2) Increase the Housing Loans and Grants appropriation to the Housing Department by $8,250,000.

(c) Adopt the following Appropriation Ordinance Amendments in the Inclusionary Fee Fund:

 (1) Decrease the Housing Project Reserve appropriation by $6,750,000; and

 (2) Increase the Housing Loans and Grants appropriation to the Housing Department by $6,750,000.

CEQA: Environmental Impact Report for the Meridian Apartments Project (SCH#2019050006, Resolution No. 79499), File No. SP19-064. (Housing/City Manager)

DROP