JOINT MEETING OF THE CITY COUNCIL, THE CITY OF FRESNO IN ITS CAPACITY AS HOUSING SUCCESSOR TO THE REDEVELOPMENT AGENCY OF THE CITY OF FRESNO, THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF FRESNO, AND FRESNO REVITALIZATION CORPORATION
DATE: June 20, 2024
FROM: MARLENE MURPHEY, Executive Director
SUBJECT
Title
Approve a First Amendment to the Disposition and Development Agreement between the City of Fresno in its capacity as Housing Successor and Fresno Housing Authority for Heritage Estates located at the southeast corner of East Florence and Plumas Avenues.
Body
RECOMMENDATION
Staff recommends that the City of Fresno in its capacity as Housing Successor to the Redevelopment Agency (FHS) approve and authorize the Executive Director to execute a First Amendment to the Disposition and Development Agreement with Fresno Housing Authority (Housing Authority) for Heritage Estates a 33-unit single family housing development.
EXECUTIVE SUMMARY
The Housing Authority seeks changes to the Disposition and Development Agreement (Agreement) approved January 12, 2024, for Heritage Estates, a 33-unit single family housing development in southwest Fresno located at the southeast corner of Florence and Plumas Avenues.
The existing Agreement provides for the contribution of a 7.94-acre FHS-owned vacant parcel and a $1.2 million loan provided to the Housing Authority for construction costs to be conveyed by the Housing Authority to eligible first-time homebuyers as mortgage assistance. In accordance with the Surplus Land Act (SLA) and as required by various funding sources, the homes will be eligible to households from a range of income levels and affordable units will be covenanted for owner-occupancy and affordability requirements for up to 45 years. The project is funded from conventional financing and public sector housing assistance.
The First Amendment will update the proposed allocation of FHS units from 8 to 14, thus adding an additional ...
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