REPORT TO THE CITY COUNCIL
FROM: JENNIFER K. CLARK, AICP, Director
Planning and Development Department
PHILIP SKEI, Assistant Director
Planning and Development Department
BY: JENNIFER DAVIS, Senior Management Analyst
Housing Finance Division, Planning and Development Department
SUBJECT
Title
Approve a First Amendment to the State and Local Fiscal Recovery Funds Grant Agreement between the City of Fresno and Central Fresno Neighborhood Trust, LLC to extend the project’s schedule to December 31, 2027, with no change in grant amount, to acquire and rehabilitate 50 rent-restricted affordable housing units
Body
RECOMMENDATION
Staff recommends the City Council approve a First Amendment to the State and Local Fiscal Recovery Funds Grant Agreement with Central Fresno Neighborhood Trust, LLC, granting a one-year extension to December 31, 2027, to acquire and rehabilitate 50 rent-restricted affordable housing units in Central Fresno.
EXECUTIVE SUMMARY
On November 3, 2022, the City Council approved a State and Local Fiscal Recovery Funds (SLFRF) Grant Agreement in the amount of $1,950,000 with Central Fresno Neighborhood Trust, LLC (CFNT) for the acquisition and rehabilitation of 50 housing units to be preserved as affordable rental housing in Central Fresno, with an affordability period of 55 years.
Approving a First Amendment to the SLFRF Grant Agreement between the City of Fresno and CFNT will provide CFNT a one-year extension of time to acquire and rehabilitate the balance of the 50 affordable rental units. The First Amendment will extend the project schedule to December 31, 2027, for acquisition and rehabilitation only. There is no change in the grant amount.
BACKGROUND
The City received State and Local Fiscal Recovery Funds (SLFRF) from the U.S. Department of the Treasury under the American Rescue Plan Act (Pub. L. 117-2) (the Act). The City elected to use a portion of this allocation to support the COVID-19 Public Health and Economic Response by addr...
Click here for full text