REQUEST FOR CITY COUNCIL AND HOUSING AUTHORITY ACTION
SUBMITTED TO: Honorable Mayor/Chair and City Council/Commissioners
SUBMITTED BY: Oliver Chi, City Manager/Executive Officer
PREPARED BY: Ursula Luna-Reynosa, Director of Community Development
Subject:
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Approve and authorize execution of an Affordable Housing Agreement between the City, the Housing Authority and Beach Housing Partners, LP (Jamboree Housing Corporation) for a 43-unit senior affordable housing project located at 18431 Beach Blvd.
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Statement of Issue:
On November 4, 2019, the City Council approved a $3 Million loan to Jamboree Housing Corporation for development of a 43-unit senior affordable housing project at 18431 Beach Blvd. (Attachment 1). As part of that action, the City Council directed staff to negotiate an agreement outlining the specific affordability terms for the project. Staff has prepared an Affordable Housing Agreement (the "Agreement") (Attachment 2) with Huntington Housing Partners, LP with Jamboree Housing Corporation as the Managing General Partner (the "Developer"), as summarized below, for City Council consideration.
Financial Impact:
In November 2019, the City Council allocated $3 million from the Affordable Housing Trust Fund ($2,100,000) and the Low and Moderate Income Housing Asset Fund ($900,000) as an acquisition loan to enable Jamboree Housing Corporation to acquire 18431 Beach Blvd. for an affordable housing project. Should the City Council approve the Agreement, the acquisition loan will be converted to a permanent loan. By separate action, the City Council has been asked to consider an amendment to the City's Annual Action Plan that governs the use of federal Community Development Block Grant (CDBG) and HOME Investment Partnerships (HOME) funds. One action of the amendment is to allocate $2,830,698 of HOME funds to this project in lieu of these City funds. If the City Council approves this allocation of HOME funds then the Low and Moderate Housin...
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