Title
Notice of Funding Availability Proposal-Charities Housing Affordable Housing Project at 57-67 East Evelyn Avenue
Recommended Action
Approve the Council Notice of Funding Availability Review Committee recommendation to the City Council to:
1. Reserve $11.3 million in Below Market In-Lieu Fees for the development, construction, and long-term financing of the Charities Housing 143-unit affordable housing development located at 57-67 East Evelyn Avenue, of which $6.3 million shall be immediately appropriated for early activities to advance the project as follows: (Five votes required)
a. Appropriate $1.3 million for eligible predevelopment expenses during the predevelopment period ($1.0 million for Charities Housing and $300,000 for staff time, environmental, parking, and other special studies for this project); and
b. Appropriate $5.0 million for an acquisition loan during the predevelopment period.
2. Authorize the City Manager or designee to negotiate the predevelopment loan and loan agreement terms, execute a funding commitment letter, loan agreement, amendments, and related loan documents for each project.