REPORT TO THE CITY COUNCIL, THE CITY IN ITS CAPACITY AS HOUSING SUCCESSOR AND THE FRESNO REVITALIZATION CORPORATION
FROM: JENNIFER CLARK, Director
Planning & Development Department
PHIL SKEI, Assistant Director
Planning & Development Department
MARLENE MURPHEY, Executive Director
Housing Successor Agency to the Redevelopment Agency
BY: MAYRA MERINO, Senior Management Analyst
Housing Finance Division
SUBJECT
Title
Actions pertaining to the affordable housing development project located South of E. Ventura Street between S. Seventh Street and S. Eighth Street (Council District 5):
1. ***RESOLUTION - In support of a contribution of City funds in an amount not to exceed $5,000,000 for eligible expenses associated with the affordable housing development project located on Ventura between Seventh and Eighth Street. (Subject to Mayor's Veto)
Body
RECOMMENDATION
Staff recommends the City Council approve the Resolution in support of a conditional commitment of $5,000,000 in City funds for the new affordable housing development project to the Corporation for Better Housing Staff, the non-profit General Development Partner for the project, and additionally recommends the approval of a conditional commitment of City and Agency owned properties to the development.
EXECUTIVE SUMMARY
The Project is a new mixed-use mixed-income affordable housing development. The proposed Resolution will commit up to $5,000,000 in City funds contingent on the Developer obtaining full financing for the Project. The Resolution will also commit the disposition of Agency owned property located at APN 470-052-01T and City owned property located at APNs 470-052-02T and 470-052-03T, contingent on the developer receiving a full funding award from the United States Department of Agriculture July application round. This commitment of funds and conditional land disposition shall terminate on December 31, 2024.
BACKGROUND
On November 30, 2022, City staff consulted the State of Califor...
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