REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, Director
Planning and Development Department
PHIL SKEI, Assistant Director
Planning and Development Department
BY: JENNIFER DAVIS, Senior Management Analyst
Housing Finance Division
SUBJECT
Title
Approve a $3,000,000 Local Housing Trust Fund Agreement with Avalon Commons Phase II, LP, for the proposed Avalon Commons Phase II project located at 7521 North Chestnut Avenue in northeast Fresno (District 6).
Body
RECOMMENDATION
Staff recommends the City Council approve a $3,000,000 Local Housing Trust Fund Agreement (Exhibit "A" - LHTF Agreement) with Avalon Commons Phase II, LP, a California Limited Partnership, for the development of Avalon Commons Phase II, which consists of the new construction of 44-units of affordable permanent rental housing; and authorize the City manager to execute the Local Housing Trust Fund Agreement and sign all implementing documents. Approval of this agreement will result in the obligation of 65% of the City's Round 1 Local Housing Trust Fund program resources.
EXECUTIVE SUMMARY
On May 2, 2023, the Local Housing Trust Fund Review Committee selected the Housing Authority of the City of Fresno's Avalon Commons Phase II project through a 2023 Local Housing Trust Fund Notice of Funding Availability (NOFA) to be recommended for $3,000,000 in LHTF Program funds. Avalon Commons Phase II will consist of 44 affordable rental housing units and be located at 7521 North Chestnut Avenue in northeast Fresno (Exhibit "B" - Project Location Map). The estimated project cost is $32,673,528 of which $3,000,000 is proposed to be funded with LHTF Program funds. Once completed, Avalon Commons Phase II will provide 44 newly constructed units of which 11 will be LHTF-assisted and reserved as affordable for a period of 55-years through a declaration of restrictions recorded on the property. If approved, this action will achieve the City's affordable housing goals to increase t...
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