DATE: December 6, 2022
TO: Mayor and City Council
FROM: Assistant City Manager
SUBJECT
Title
Adopt a Resolution Amending Resolution 22-087 to Apply as Joint Applicant with EAH, Inc for the California State Department of Housing and Community Development California Housing Accelerator Limited Accelerator Project Gap Funding Program
EndRECOMMENDATION
Recommendation
That the Council adopts a resolution (Attachment II) amending Resolution 22-087 (Attachment III) and restating the City Manager’s authorization to apply as a joint applicant with EAH, Inc. for the State of California Housing and Community Development Department (HCD) California Housing Accelerator Limited Accelerator Project Gap Funding Program (LAPG Program) and increasing the amount of funding not-to-exceed $51 million to support the Pimentel Place development of 57 affordable housing units.
End
SUMMARY
In October 2022, HCD announced the availability of approximately $45 million under the LAPG Program for the purpose of supporting previously awarded Tier 1 and Tier 2 California Housing Accelerator projects that have not yet closed on their construction loan, and which cannot proceed due to funding gaps resulting from increased costs post Accelerator award. City staff and EAH, Inc. have determined that Pimentel Place meets the eligibility requirements for the LAPG Program and could receive up to $4.5 million in grant money to cover eligible project costs. A successful application to HCD’s LAPG Program would close the funding gap for Pimentel Place and would allow the project to begin construction by spring 2023. Staff recommends that the City, as a joint applicant with EAH, Inc., apply for the LAPG Program to support the development for 57 units of affordable housing at Pimentel Place.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution
Attachment III Resolution 22-087
Attachment IV Income and Rent Limits