REPORT TO THE CITY COUNCIL
FROM: JENNIFER K. CLARK, Director
Planning and Development Department
PHIL SKEI, Assistant Director
Planning and Development Department
BY: MAYRA MERINO, Senior Management Analyst
Planning and Development Department
SUBJECT
Title
Actions pertaining to the Helm Lofts, a 98-unit multifamily housing development project, located at 1101 Fulton Street, Fresno California (City Council District 3)
1. ***RESOLUTION - in support of a contribution of City Funds in an amount not to exceed $1,600,000 toward the housing development project located on 1101 Fulton Street in Fresno California (Subject to Mayor’s Veto)
2. ***RESOLUTION - in support of a contribution of City Funds in an amount not to exceed $8,000,000 toward the housing development project located on 1101 Fulton Street in Fresno California (Subject to Mayor’s Veto)
Body
RECOMMENDATION
Staff recommends that the City Council approve two resolutions authorizing conditional commitments of City funds: (1) in an amount not to exceed $1,600,000 from the Permanent Local Housing Allocation (PLHA), and (2) in an amount not to exceed $8,000,000 from the Revolving Loan Fund (RLF) to 1101 Fulton Mall LLC for the Helm Lofts project, a 98-unit multifamily residential development located at 1101 Fulton Street in Downtown Fresno.
EXECUTIVE SUMMARY
The Helm Lofts project consists of the adaptive reuse and substantial rehabilitation of the historic 10-story Helm Building to create 98 residential units, including 9 affordable housing units that will be restricted for occupancy by very-low and low-income households for a term of 55-years. The remaining 89 units will be market-rate housing.
The City’s PLHA loan will be structured as a 55-year loan with simple interest at 3%, imposing a 55-year affordability restriction on the 9 PLHA-assisted units. The Revolving Loan Fund (RLF) loan will be structured as a 60-month construction loan with an interest rate currently estimated at 4.81%. Both loans will provide gap financing for eligible soft and hard construction costs.
The project advances the City’s goals related to housing production, infill development, historic preservation, and Downtown revitalization.
BACKGROUND
The Helm Building, constructed in 1914 and listed on the City’s Local Register of Historic Resources, is one of Downtown Fresno’s earliest high-rise commercial structures. The adaptive reuse of the building into the Helm Lofts project preserves this historic asset while creating new residential housing opportunities in the urban core. The project advances the City’s “One Fresno” vision by supporting infill development and Downtown revitalization.
The Helm Lofts project will rehabilitate the historic Helm Building into 98 studio and one-bedroom units, consisting of 89 market-rate units and 9 income-restricted affordable units.
The developer applied for funding under the Permanent Local Housing Allocation (PLHA) Notice of Funding Availability (NOFA) which was released on August 1, 2025, and closed on August 29, 2025. On February 9, 2026, the City issued a Conditional Award letter for $1,600,000 in PLHA fund. The PLHA loan will be structured as a 55-year loan with simple interest accruing annually at a rate of 3% secured by a deed of trust and regulatory agreement and will impose 55-year affordable restrictions on 9 units.
The developer also applied for funding under the Downtown & Chinatown Development NOFA, which was released on February 13, 2026, and closed on April 14, 2026. On May 20, 2026, the City issued a Conditional Award letter for $8,000,000 from the Revolving Loan Fund (RLF). The RLF loan will be structured as a 60-month construction loan with an interest rate currently estimated at 4.81%, secured by a deed of trust, and will not impose affordability restrictions.
The resolutions approving the conditional funding commitments shall terminate on December 31, 2026.
ENVIRONMENTAL FINDINGS
The project is exempt from environmental review under the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15331, Class 31 (Historical Resource Restoration/Rehabilitation).
FISCAL IMPACT
There is no impact to the City’s General Fund. The $1,600,000 loan will be funded through the Permanent Local Housing Allocation (PLHA) program, and the $8,000,000 loan will be funded through the City’s Revolving Loan Fund (RVL).
Attachments:
PLHA Resolution Helm Lofts
RLF Resolution Helm Lofts