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File #: ID 24-789    Version: 1 Name:
Type: Action Item Status: Passed
File created: 5/30/2024 In control: City Council
On agenda: 6/20/2024 Final action: 6/20/2024
Title: Approve a revised Regulatory Agreement and Declaration of Restrictive Covenants between the City of Fresno and Valley Teen Ranch and for the benefit as a third-party beneficiary the State of California Department of Housing and Community Development for the Homekey 3 Welcome Home project located at 6507 North Polk Avenue, Fresno, California (District 2)
Sponsors: Planning and Development Department
Attachments: 1. Revised Regulatory Agreement and Declaration of Restrictive Covenants
REPORT TO THE CITY COUNCIL


FROM: JENNIFER CLARK, Director
Planning and Development Department

PHIL SKEI, Assistant Director
Planning and Development Department

BY: JENNIFER DAVIS, Senior Management Analyst
Housing Finance Department

SUBJECT
Title
Approve a revised Regulatory Agreement and Declaration of Restrictive Covenants between the City of Fresno and Valley Teen Ranch and for the benefit as a third-party beneficiary the State of California Department of Housing and Community Development for the Homekey 3 Welcome Home project located at 6507 North Polk Avenue, Fresno, California (District 2)
Body
RECOMMENDATIONS

Staff recommends the City Council approve a revised Regulatory Agreement and Declaration of Restrictive Covenants between the City of Fresno and Valley Teen Ranch and for the benefit as a third-party beneficiary the State of California Department of Housing and Community Development for the Homekey 3 Welcome Home project located at 6507 North Polk Avenue.

EXECUTIVE SUMMARY

The Welcome Home Project will provide 96 units of permanent affordable housing in northwest Fresno (Project) and will be funded primarily through the State of California Department of Housing and Community Development (HCD) Homekey 3 program, with the City and Valley Teen Ranch (Developer) contributing additional funds. On March 19, 2024, as a result of the Project receiving an award of Homekey 3 program funds from HCD, the City and the Developer entered into a Standard Agreement with HCD in the amount of $21,983,607 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 revised Regulatory Agreement and Declaration of Restrictive Covenants (Affordability Covenant) between the City of Fresno and Valley Teen Ranch and for the benefit as a third-party beneficiary the State of...

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