...Title
Actions Related to the Loan Commitments for Four New Affordable Housing Developments.
...Recommendations
(a) Adopt a resolution:
(1) Approving a total commitment of up to $53,050,885 in Low- and Moderate-Income Housing Asset Funds (“LMIHAF”) and Measure E Funds for Construction-Permanent Loans to the following developments:
(i) UrbanCo-Tamien, LLC, affiliated with Core Communities in partnership with Republic Urban, or an affiliated development entity (Core) for the Tamien Station Affordable Development, located at 1197 Lick Ave, which is being developed to provide 134 affordable rent-restricted apartments, and one unrestricted manager’s home (Tamien Station Affordable), in an amount not to exceed $16,750,000 in Low and Moderate-Income Housing Asset funds;
(ii) Charities Housing Development Corporation of Santa Clara County or an affiliated development entity (Charities Housing) for The Charles Development, located at 551 Keyes Street, which is being developed to provide 97 affordable rent-restricted apartments, and two unrestricted manager’s homes (The Charles), in an amount not to exceed $9,675,885 in Measure E funds;
(iii) Charities Housing Development Corporation of Santa Clara County or an affiliated development entity (Charities Housing) for the Alum Rock Multifamily Development (1860 Alum Rock) located at 1860 Alum Rock Avenue, which is being developed to provide 59 affordable rent-restricted apartments, and one unrestricted manager’s home, in an amount not to exceed $7,500,000 in Measure E funds;
(iv) Danco Communities or an affiliated development entity (Danco) for the West San Carlos Residential Development (also known as “777 West San Carlos Residential”) located at 777 West San Carlos Street, which is being developed to provide 153 rent-restricted apartments, and one unrestricted manager’s home, in an amount not to exceed $19,125,000 in Low and Moderate-Income Housing Asset funds;
(2) Authorizing the loan terms to allow an increase i...
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