REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, Director
Planning and Development Department
THROUGH: PHIL SKEI, Assistant Director
Planning and Development Department
BY: CORRINA NUNEZ, Project Manager
Community Development Division
SUBJECT
Title
***RESOLUTION - To support FCTC Family II, LP's, Low-Income Housing Tax Credit Application for the development of Sarah's Court Phase II; and to provide a conditional commitment of HOME Investment Partnerships Program loan funds in an amount not to exceed $3 million to the Project (Subject to Mayor's Veto)
Body
RECOMMENDATIONS
Staff recommends the City Council adopt the HOME Investment Partnerships (HOME) Program Resolution (Exhibit A - HOME Resolution for Sarah's Court Phase II) for a conditional commitment in an amount not to exceed $3 million for predevelopment and construction costs of Sarah's Court Phase II.
EXECUTIVE SUMMARY
If approved as recommended, FCTC Family II, LP (Developer), will receive a Resolution for conditional HOME funding in an amount not to exceed $3 million for predevelopment and construction costs of Sarah's Court Phase II. Upon receipt of a Reservation Letter from the California Tax Credit Allocation Committee (CTCAC) for 4% Low-Income Housing Tax Credits (LIHTC) to the project, staff will return to Council with a regulatory agreement for HOME funding. The total cost of Sarah's Court Phase II is estimated at $38,480,855, will consist of 120 affordable housing units, and will sit adjacent to Sarah's Court Phase I, which is now complete, at the Fancher Creek Master Plan Development in southeast Fresno.
BACKGROUND
On May 19, 2023, the Community Development Division (Division) released a 2023-2024 Notice of Funding Availability (NOFA) for the creation of new affordable housing or substantial rehabilitation of existing housing. In response to the NOFA, the Division received several applications, one of which was for the Sarah's Court Phase II project.
In accordanc...
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