Title
Consideration of Charities Housing Notice of Funding Availability Proposal: 57-67 East Evelyn Avenue
Recommended Action
That the Notice of Funding Availability Review Committee forward to the City Council a recommendation to fund the Charities Housing affordable housing project as follows:
1. Reserve $11.3 million overall in City funds for the development, construction, and long-term financing of the project at 57-67 East Evelyn Avenue, of which $6.3 million shall be immediately appropriated for early activities to advance the project as follows:
a. Appropriate $1.3 million for eligible predevelopment expenses during the predevelopment period; and
b. Appropriate $5.0 million for an acquisition loan during the predevelopment period.