REPORT TO THE CITY COUNCIL
FROM: JENNIFER K. CLARK, Director
Planning and Development Department
BY: PHIL SKEI, Assistant Director
Planning and Development Department
CORRINA NUNEZ, Project Manager
Housing and Community Development Division
SUBJECT
Title
Approve a Community Development Block Grant loan Agreement in the amount of $1,243,000 with Fresno Avalon Commons Phase II, LP, for property acquisition of the project site located at 7521 N. Chestnut Avenue, Fresno, CA 93720 (District 6)
Body
RECOMMENDATION
Staff recommends Council approve a Community Development Block Grant (CDBG) loan Agreement (Exhibit "A"- CDBG Agreement) in the amount of $1,243,000 with Fresno Avalon Commons Phase II, LP, for property acquisition of the Avalon Commons Phase II site located at 7521 N. Chestnut Avenue, Fresno, CA 93720.
EXECUTIVE SUMMARY
If approved as recommended, Fresno Avalon Commons Phase II, LP, will execute a CDBG loan Agreement in the amount of $1,243,000 with the City for property acquisition of the Avalon Commons Phase II project site. The estimated development cost is $32,416,466 for 44 one-, two-, and three-bedroom units for low-income households whose income ranges from 30 percent to 80 percent of the area median income for Fresno County, and one manager unit. Avalon Commons Phase II will be situated at the far north end of the site adjacent to Avalon Commons Phase I that is currently underway and located at the northwest corner of N. Chestnut Avenue and E. Alluvial Avenue in northeast Fresno. Approval of the CDBG loan Agreement will help the City of Fresno meet its timeliness test.
BACKGROUND
On May 19, 2023, the Housing and Community Development Division released a 2023-2024 Notice of Funding Availability (NOFA) for the creation of new affordable housing projects or substantial rehabilitation of existing housing. In response to the NOFA, the City received several applications, one of which was the Avalon Commons ...
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