Title
Charities Housing Notice of Funding Availability Proposal-1265 Montecito Avenue
Recommended Action
The Notice of Funding Availability Review Committee recommends that the City Council:
1. Reserve $18,000,000 in Housing Impact funds for the Charities Housing Notice of Funding Availability application.
Staff recommends, from this $18,000,000 reservation, that the City Council:
1. Direct staff to include in the Recommended Budget $1,300,000 in Housing Impact funds for predevelopment costs ($1,000,000 for Charities Housing and $300,000 for staff time, environmental, parking, and other special studies for this project).
2. Authorize the City Manager to enter into an agreement with Charities Housing in the amount of $1,000,000 for the use of the predevelopment funds.