REPORT TO THE CITY COUNCIL
June 25, 2015
FROM: JENNIFER CLARK, Director
Development and Resource Management
BY: JOSE TRUJILLO, Housing Manager
Development and Resource Management Department
SUBJECT
Title
RESOLUTION - Adopt Substantial Amendment No. 2015-005 to the FY 2014-2015 Annual Action Plan authorizing a $1.3 million HOME Investment Partnerships Program loan to the Housing Authority of the City of Fresno for its Lowell Neighborhood Project and authorize the City Manager to sign all implementing documents required by HUD
Body
RECOMMENDATION
Staff recommends the City Council:
1) Adopt Substantial Amendment No. 2015-005 (Exhibit "A") to the 2014-2015 Fiscal Year Annual Action Plan authorizing a $1.3 million HOME Investment Partnerships Program loan to the Housing Authority of the City of Fresno (Housing Authority) for its Lowell Neighborhood Project; and
2) Authorize the City Manager to sign all implementing documents required by HUD.
EXECUTIVE SUMMARY
On April 16, 2015, the Housing Authority was selected as the developer to receive $1.3 million for its Lowell Neighborhood Project. The project consists of two components: 1) rehabilitation of the existing Calaveras Court, a 22-unit apartment complex, and 2) new construction of eight units at the Glenn Street site (Exhibit "B" - Project Location Map). If the Substantial Amendment is approved as recommended, HOME Program funding will be provided to the project in the form of a 3% interest loan with principal and interest payable from residual receipts. The project cost is estimated at $6.8 million of which $1.3 million is proposed to be funded with HOME Program funds. Once completed, the project will provide 22 newly rehabilitated units and eight newly constructed units, of which eleven units will be HOME-assisted units with an affordability period of 55 years.
BACKGROUND
As a recipient of federal HOME Investment Partnership (HOME) Program funds from th...
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