REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, Director
Planning and Development Department
THROUGH: PHIL SKEI, Assistant Director
Planning and Development Department
BY: CORRINA NUNEZ, Project Manager
Community Development Division
SUBJECT
Title
*** RESOLUTION - To support FCTC Family II, LP's Low-Income Housing Tax Credit Application for the development of Sarah's Court Phase II and to provide a conditional commitment of HOME Investment Partnerships Program loan funds in an amount not to exceed $3 million to the Project (Subject to Mayor's veto)
Body
RECOMMENDATIONS
Staff recommends the City Council approve the HOME Investment Partnerships (HOME) Program Resolution (Exhibit A - HOME Resolution) for proposed funding in an amount not to exceed $3 million for predevelopment and construction costs.
EXECUTIVE SUMMARY
If approved as recommended, FCTC Family II, LP, (Developer) will receive a Resolution for conditional HOME funding in an amount not to exceed $3 million for predevelopment and construction costs of the project upon receipt of a Reservation Letter from the California Tax Credit Allocation Committee (CTCAC) for second round 9% Low-Income Housing Tax Credits (LIHTC) to the project in sufficient amount to commence development and construction of the project by March 2025. The estimated project cost is $38,480,855. Sarah's Court Phase II will consist of 120 affordable housing units and will sit immediately north of the Sarah's Court Phase I project which is currently underway at the Fancher Creek Master Plan Development.
BACKGROUND
On May 19, 2023, the Community Development Division released a 2023-2024 Notice of Funding Availability (NOFA) for the creation of new affordable housing or substantial rehabilitation of existing housing. In response to the NOFA, the City received several applications, one of which was for the Sarah's Court Phase II project. In accordance with the City of Fresno Better Business Act (Act), the pr...
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