REPORT TO THE CITY COUNCIL
FROM: JENNIFER K. CLARK, Director
Planning and Development Department
BY: PHIL SKEI, Assistant Director
Planning and Development Department
CORRINA NUNEZ, Project Manager
Community Development Division
SUBJECT
Title
Approve a $3,000,000 HOME Investment Partnerships Program Agreement with FCTC Family II, LP for development of the Sarah's Court II Apartments, a 120-unit affordable rental housing project with 11 HOME-assisted two- and three-bedroom units located at 200 N. Salma Avenue (City Council District 5).
Body
RECOMMENDATION
Staff recommend the City Council approve a $3,000,000 HOME Investment Partnerships (HOME) Program Agreement (Exhibit "A" - HOME Agreement) with FCTC Family II, LP for development of the Sarah's Court II Apartments, a 120-unit affordable rental housing project at the Fancher Creek Master Plan Development in southeast Fresno (Exhibit "B" - Project Location Map); and authorize the City Manager to sign all implementing documents required by the U.S. Department of Housing and Urban Development (HUD), approved as to form by the City Attorney's Office.
EXECUTIVE SUMMARY
If approved as recommended, FCTC Family II, LP will enter into a HOME Agreement with the City for a $3,000,000 residual receipts loan for development of the Sarah's Court II Apartments which will be located at 200 N. Salma Avenue, adjacent to the completed Sarah's Court I Apartments. The estimated project cost is $37,310,555. Eleven HOME-assisted units within the project will be income restricted through a 55-year affordability covenant recorded on the property.
BACKGROUND
On May 19, 2023, the Community Development Division (Division) released a 2022-2023 Affordable Housing Development Notice of Funding Availability (NOFA) through Planet Bids for Community Development Block Grant (CDBG), HOME, Community Housing Development Organization (CHDO), HOME- American Rescue Plan (HOME-ARP), and Permanent Local Housing Allocat...
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