REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, Director
Planning and Development Department
PHILIP SKEI, Assistant Director
Planning and Development Department
BY: JENNIFER DAVIS, Senior Management Analyst
Housing Finance Division
SUBJECT
Title
Approve a Regulatory Agreement and Declaration of Restrictive Covenants between the City of Fresno and Fresno Mission Communities, Inc., and for the benefit as a third-party beneficiary the State of California Department of Housing and Community Development for the Homekey 3 City Studios project located at 3876 North Blackstone Avenue, Fresno, California (Council District 4)
Body
RECOMMENDATION
Staff recommends the City Council approve a Regulatory Agreement and Declaration of Restrictive Covenants between the City of Fresno and Fresno Mission Communities, Inc., and for the benefit as a third-party beneficiary the State of California Department of Housing and Community Development for the Homekey 3 City Studios project located at 3876 North Blackstone Avenue.
EXECUTIVE SUMMARY
The City Studios project will provide 34 units of permanent affordable housing in central Fresno (Project) and will be funded primarily through the State of California Department of Housing and Community Development (HCD) Homekey 3 program. On July 11, 2024, as a result of the Project receiving an award of Homekey 3 program funds from HCD, the City and Fresno Mission Communities, Inc. entered into a Standard Agreement with HCD in the amount of $9,598,131.00 for the Project. The Standard Agreement contains various performance milestones that require timely completion, including the execution and recordation of an Affordability Covenant against the Project real property.
Approving the Regulatory Agreement and Declaration of Restrictive Covenants (Affordability Covenant) between the City of Fresno and Fresno Mission Communities, Inc., and for the benefit as a third-party beneficiary HCD, provides for compliance ...
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