DATE: April 19, 2022
TO: Mayor and City Council
FROM: Assistant City Manager
SUBJECT
Title
Adopt a Resolution Authorizing the City Manager to Apply as Joint Applicant with EAH, Inc for the California State Department of Housing and Community Development California Housing Accelerator Program
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RECOMMENDATION
Recommendation
That the Council adopts a resolution (Attachment II) authorizing the City Manager to apply as a joint applicant with EAH, Inc. for the State of California Housing and Community Development Department (HCD) California Housing Accelerator Program (CHA Program) in an amount not to exceed $50 million to support the Pimentel Place development of 57 affordable housing units.
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SUMMARY
In October 2021, HCD announced the availability of approximately $1.6 billion under the CHA Program for the purpose of supporting shovel-ready projects that are unable to move forward due to funding gaps that resulted from their inability to access tax-exempt bond allocations or low-income housing tax credits. City staff and EAH, Inc. have determined that Pimentel Place meets the eligibility requirements for the CHA Program and could receive up to $50 million in grant money to cover eligible project costs. A successful application to HCD’s CHA Program would close the funding gap for Pimentel Place and would allow for the project to quickly begin construction. Staff recommends that the City, as a joint applicant with EAH, Inc., apply for the CHA Program to support the development for 57 units of affordable housing at Pimentel Place.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution
Attachment III Income and Rent Limits