REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, Director
Planning & Development Department
PHIL SKEI, Assistant Director
Planning & Development Department
BY: MARIA CAMBRON, Housing & Neighborhood Revitalization Manager
Planning & Development Department
SUBJECT
Title
Approve a First Amendment to the Permanent Local Housing Allocation (PLHA) Program Agreement between the City of Fresno and Broadway Plaza Apartments, LP for the Hotel Fresno Project located at 1241-1263 Broadway Plaza, Fresno, California (District 3).
Body
RECOMMENDATION
Staff recommends that the City Council approve the First Amendment to the Permanent Local Housing Allocation (PLHA) Program Agreement between the City of Fresno and Broadway Plaza Family Apartments, LP. This amendment revises the residual receipts percentage to align with the California Department of Housing and Community Development's (HCD) Affordable Housing and Sustainable Communities (AHSC) Program regulations.
EXECUTIVE SUMMARY
Staff recommends that the City Council approve the First Amendment to the PLHA Program Agreement with Broadway Plaza Family Apartments, LP, which reduce the residual receipts percentage from 20% to 9%. This adjustment is necessary to ensure compliance with the California Department of Housing and Community Development (HCD) under the Affordable Housing and Sustainable Communities (AHSC) Program regulations. The need for this amendment arises from the Developer obtained the required Permanent Financing in the amount of $1,762,324.00 (Permanent Financing) from HCD. The modification is necessary to maintain the Developer's eligible for AHSC funding and to ensure the financial feasibility of the project.
This amendment will allow the Broadway Plaza Family Apartment project to remain in compliance with State regulations, while also advancing the City's commitment to affordable housing. This project will deliver approximately 80 affordable housing units.
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