Title
Funding Recommendations for Fiscal Year 2023-24 Annual Action Plan
Recommended Action
1. Allocate $2,192,506 ($772,588 in Community Development Block Grant funds and $1,419,918 in Home Investment Partnership Program funds) for the following capital projects:
a. $30,000 for a minor home repair program;
b. $2,162,506 toward the rehabilitation of the Crestview Hotel property by Jamboree Housing Corporation (or approved affiliate) for permanent affordable housing-a project that would meet various housing needs-and/or other affordable housing projects; and
c. Find these projects exempt under the California Environmental Quality Act under Health and Safety Code Section 50675.1.4 and CEQA Guidelines Section 15061(b)(3).
2. Approve the replacement of the allocation of $2,162,506 for an equivalent amount of City Housing funds previously appropriated by Council for the Crestview Hotel project.
3. Increase appropriation of $750,000 in Grant funds from a Federal Economic Development Grant toward the rehabilitation of the Crestview Hotel and approve replacement of these funds for the equivalent amount of City Housing funds previously appropriated by Council for the Crestview Hotel project.
4. Authorize the City Manager or designee to negotiate and execute the loan agreement(s) in an amount not to exceed $9.1 million ($3,605,661 in Community Development Block Grant funds, $3,816,433 in Home Investment Partnership Program funds, $750,000 in a Federal Economic Development Grant, and approximately $888,000 in Rental Housing Impact fees and Housing Impact fees) with Jamboree Housing Corporation (or approved affiliate), the affordable housing regulatory agreement(s) with Jamboree Housing Corporation (or approved affiliate), and other documents relating to this allocation of funds for the rehabilitation of the Crestview Hotel for permanent housing.
5. Allocate $128,968 of Community Development Block Grant funds for funding in Fiscal Year 2023-24 for public service app...
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