MEETING DATE:
JUNE 26, 2018
SUBJECT:
Title
RESOLUTION NO. SHA 2018-032 - APPROVAL OF WITHDRAWAL OF TAX CREDIT INVESTOR FROM THE COPPER CREEK AFFORDABLE HOUSING DEVELOPMENT
Body
Recommendation
Recommendation
ADOPT a resolution approving the withdrawal of the tax credit investor from the development and authorizing the City Manager to finalize and execute the regulatory agreement modifications
Body
Board or Commission Action
Resolution No. RDA 96-268 of April 23, 1996 authorizing the project's funding component
Resolution No. RDA 2002-330 of March 12, 2002 authorizing financing for Copper Creek 4%
Relevant Council Strategic Theme
Planning for the Future
Relevant Department Goal
Facilitate Affordable Housing Production
Executive Summary
Copper Creek Apartments, located at 1730 Elfin Forest Road, is a 204-unit new-construction affordable development built and operated by Bridge Housing. It is a bifurcated project built concurrently in two separate components using, in part, layered funding from 9% and 4% low income housing tax credits awarded by the California Tax Credit Allocation Committee. The Copper Creek 4% component is a 156-unit family apartment complex; 155 apartments have 55-year deed restrictions. Direct Redevelopment Agency (RDA) project funding of $3.5 million was authorized in 2002. The Copper Creek 9% component is a 48-unit family apartment complex; 47 apartments have 55-year deed restrictions. Because a portion of the project's funding came about as a result of the City's Inclusionary Ordinance, no direct RDA funding was required for the 9% component. Copper Creek opened in 2005. The developer wishes to begin the year 15 event process by allowing the tax credit investor to withdraw from the project in an orderly and controlled manner. City approval is required for this to occur.
Discussion
This is not a re-syndication. Rather, this is only the initial step in the year 15 event process. The deed restrictions and initial fun...
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