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%. Bo...
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