REPORT TO THE HOUSING AND COMMUNITY DEVELOPMENT COMMISSION
October 7, 2019
FROM: JENNIFER K. CLARK, Director
Planning and Development Department
THROUGH: THOMAS MORGAN, Manager
Housing and Community Development Division
BY: CORRINA NUNEZ, Project Manager
Housing and Community Development Division
SUBJECT
Title
Recommend approval of a $397,118 HOME Investment Partnerships Program Agreement with Doragon @ Chinatown, LP for the construction of 57 affordable rental units to be located at 1101 F Street in the Chinatown area
Body
RECOMMENDATION
Staff recommends the Housing and Community Development Commission (HCDC) recommend the City Council approve a $397,118 HOME Investment Partnerships (HOME) Program Agreement (Exhibit "A" - HOME Agreement) with Doragon @ Chinatown, LP, for the construction of 57 affordable rental units to be located at 1101 F Street in the Chinatown area of Fresno (Exhibit "B" - Project Location Map.
EXECUTIVE SUMMARY
On May 6, 2019, the Housing Authority of the City of Fresno (Housing Authority) was selected through a 2019 Notice of Funding Availability (NOFA) to receive $397,118 in 2019-2020 HOME Program funds for its proposed Chinatown Housing Project, a 57-unit affordable rental housing project located in Downtown Fresno. The project cost is estimated at $32,239,714 of which $397,118 is proposed to be funded with HOME Program funds which represents approximately 1% of the total project costs. The HOME Program funds will be disbursed to the project ownership entity, Doragon @ Chinatown, LP, a California limited partnership, in which Housing Authority has ownership interest. Once completed, the project will provide 57 newly constructed units, of which eleven units will be HOME-assisted units with an affordability period of 55 years.
BACKGROUND
On January 17, 2019, the Housing and Community Development Division released a NOFA for 2019-2020 HOME funding. In response to the NOFA, the City received five applic...
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