REPORT TO THE CITY COUNCIL
October 10, 2019
FROM: JENNIFER K. CLARK, Director
Planning and Development Department
BY: THOMAS MORGAN, Manager
Housing and Community Development Division
SUBJECT
Title
Approve 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 City Council: 1) 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); and 2) Authorize the City Manager to sign all implementing documents required by the United Stated Department of Housing and Urban Development (HUD), approved as to form by the City Attorney's Office.
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...
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