REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, Director
Planning and Development Department
PHILIP SKEI, Assistant Director
Planning and Development Department
BY: JENNIFER DAVIS, Senior Management Analyst
Housing Finance Division
SUBJECT
Title
Approve a Regulatory Agreement and Declaration of Restrictive Covenants between the City of Fresno and Valley Teen Ranch and for the benefit as a third-party beneficiary the State of California Department of Housing and Community Development regarding the Homekey 3 Welcome Home project located at 6507 North Polk Avenue (District 2).
Body
RECOMMENDATION
Staff recommends the City Council approve a Regulatory Agreement and Declaration of Restrictive Covenants between the City of Fresno and Valley Teen Ranch and for the benefit as a third-party beneficiary the State of California Department of Housing and Community Development (HCD) regarding the Homekey 3 Welcome Home Project located at 6507 North Polk Avenue (Project).
EXECUTIVE SUMMARY
The Welcome Home Project will provide 96 units of permanent affordable housing in northwest Fresno and will be funded primarily through HCD's Homekey 3 program, with the City and Valley Teen Ranch (Developer) contributing additional funds. On March 19, 2024, as a result of the Project receiving an award of Homekey 3 program funds from HCD, the City and the Developer entered into a Standard Agreement with HCD in the amount of $21,983,607 for the Project. The Standard Agreement contains various performance milestones that require timely completion, including the execution and recordation of an Affordability Covenant against the Project real property.
Approving the Regulatory Agreement and Declaration of Restrictive Covenants (Affordability Covenant) between the City of Fresno and Valley Teen Ranch and for the benefit as a third-party beneficiary the State of California Department of Housing and Community Development provides for compliance with the Affor...
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