REPORT TO THE CITY COUNCIL, THE CITY IN ITS CAPACITY AS HOUSING SUCCESSOR AND THE FRESNO REVITALIZATION CORPORATION
FROM: JENNIFER K. CLARK, Director
Planning and Development Department
PHIL SKEI, Assistant Director
Planning and Development Department
MARLENE MURPHEY, Executive Director
Housing Successor Agency to the Redevelopment Agency
BY: MAYRA MERINO, Senior Management Analyst
Planning and Development Department
SUBJECT
Title
Approve a Local Housing Trust Fund Agreement in an amount not to exceed $3,727,000, with the City of Fresno, the Housing Successor to the Redevelopment Agency of the City of Fresno, and The Park Partners LLC for the development of The Park at South Stadium, a 174-unit multifamily rental housing project located at 815, 829, and 835 Fulton Street (City Council District 3)
Body
RECOMMENDATION
Staff recommends that the City Council approve a Local Housing Trust Fund (LHTF) Agreement in an amount not to exceed $3,727,000, with the City of Fresno, the Housing Successor to the Redevelopment Agency of the City of Fresno, and The Park Partners LLC for the development of The Park at South Stadium, a 174-unit multifamily rental housing project located at 815, 829, and 835 Fulton Street in Downtown Fresno.
EXECUTIVE SUMMARY
The Park at South Stadium is a proposed eight-story, 174-unit multifamily rental housing development (Project) located in Downtown Fresno. The project will provide a mix of market-rate and affordable housing opportunities, including 70 income-restricted affordable units. Of these, 15 units will be assisted through the City's Local Housing Trust Fund (LHTF) and reserved for very low- and low-income households for a minimum of 55 years, advancing the City's long-term affordable housing, infill development, and equitable community investment goals.
The proposed LHTF loan in an amount not to exceed $3,727,000, includes $156,800 contributed by the Housing Successor to the Redevelopment Agency of th...
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