REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, Director
Planning and Development Department
PHILIP SKEI, Assistant Director
Planning and Development Department
BY: JENNIFER DAVIS, Sr. Management Analyst
Housing Finance Division
SUBJECT
Title
Actions pertaining to the Heritage Estates homeownership development project located at East Florence Avenue and South Plumas Street in Southwest Fresno (District 3):
1. Approve a Permanent Local Housing Allocation (PLHA) Agreement with the Housing Authority of the City of Fresno in the amount of $3,062,689 for the pre-development and construction of the Heritage Estates homeownership development project.
2. Authorize the utilization of up to $1,400,000 in accumulated CalHome Program Income for first-time homebuyer mortgage assistance.
Body
RECOMMENDATIONS
Staff recommends the City Council approve a $3,062,689 PLHA Agreement with the Housing Authority of the City of Fresno for the pre-development and construction of the Heritage Estates homeownership development project; and authorize the utilization of up to $1,400,000 in accumulated CalHome Program Income for first-time homebuyer mortgage assistance.
EXECUTIVE SUMMARY
The Heritage Estates homeownership development project (Project) is a proposed subdivision consisting of 33 single-family homes on approximately 7.71 acres of vacant land located on the south side of the intersection of East Florence Avenue and South Plumas Street, and further identified as Assessor Parcel Number 477-060-04T (Property). The Project was selected through a Notice of Funding Availability (NOFA) that included PLHA funds for the construction of new affordable housing. Of the 33 housing units, 25 will be PLHA-assisted and preserved as very low- and low-income housing to those earning 50% to 80% of area median income (AMI). The funds from accumulated CalHome Program Income will be provided as mortgage assistance up to $50,000 per household, to first-time homeb...
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