REPORT TO THE CITY COUNCIL
FROM: JENNIFER K. CLARK, Director
Planning and Development Department
BY: PHIL SKEI, Assistant Director
Planning and Development Department
CORRINA NUNEZ, Project Manager
Community Development Division
SUBJECT
Title
Actions pertaining to the Davu Village project (also known as the Parkside Inn Motel), a 63-unit affordable rental housing project, consisting of the rehabilitation of the existing motel and new construction at the south end of the property located at 1075 N. Warren Avenue, Fresno 93728 (District 3):
1. Approve a HOME Investment Partnerships (HOME) Program Agreement with Fresno Davu Village, LP in the amount of $1,996,368; and
2. Approve a HOME American Rescue Plan (HOME-ARP) Program Agreement with Fresno Davu Village, LP in the amount of $1,861,632
Body
RECOMMENDATION
Staff recommends the Council approve a $1,996,368 HOME Program Agreement (Exhibit "A' - HOME Agreement) and a $1,861,632 HOME-ARP Agreement (Exhibit "B" - HOME APR Agreement) with Fresno Davu Village, LP for the rehabilitation of the Parkside Inn Motel and new construction at the south end of the property, and authorize the City Manager to sign all implementing documents required by the U.S. Department of Housing and Urban Development (HUD), approved as to form by the City Attorney's Office.
EXECUTIVE SUMMARY
If approved as recommended, Fresno Davu Village, LP will execute a HOME loan Agreement in the amount of $1,996,368 and HOME-ARP loan Agreement in the amount of $1,861,632 for the development of 62 affordable housing units and one manager unit for a total of 63 units. The estimated development cost for this project is $38,815,034. Eligible tenant household income will range from 30 percent to 50 percent of the area median income for Fresno County.
BACKGROUND
On May 19, 2023, the Community Development Division released a 2023-2024 Notice of Funding Availability (NOFA) for the creation of new affordable housi...
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