MEETING DATE:
July 25, 2023
SUBJECT:
Title
RESOLUTION NO. SHA 2023-047 - AUTHORIZING MODIFIED PROJECT GAP LOAN FINANCING WITH NATIONAL CORE AND THE PREPARATION OF AN UPDATED LOAN AGREEMENT FOR THE VILLA SERENA II PHASE 2 AFFORDABLE HOUSING COMMUNITY
Body
Recommendation
Recommendation
ADOPT resolution approving modified project gap loan financing with National CORE and the preparation of a draft updated loan agreement for the Villa Serena II Phase 2 affordable housing development to document the same, which updated agreement would be brought back to the City Council in its capacity as the Successor Housing Agency for its consideration and action at a future date.
Body
Board or Commission Action
Resolution No. SHA 2014-009 dated Sept 9, 2014 authorizing predevelopment loan and ENA (Phase I)
Resolution No. SHA 2014-011 dated Dec 9, 2014 authorizing SHSA (Phase I)
Resolution No. SHA 2016-019 dated Jun 14, 2016 authorizing CDLAC approval letter (Phase I)
Resolution No. SHA 2019-037 dated Sept 9, 2019 authorizing rollover loan and RHP (Phase I)
Resolution No. SHA 2020-039 dated Feb 25, 2020 authorizing project loan and DLA (Phase I)
Resolution No. SHA 2021-8867 dated March 23, 2021 authorizing additional VWD project loan (Phase I)
Resolution No. SHA 2022-8995 dated March 22, 2022 authorizing RHP and modified loan
Relevant Council Strategic Theme
Planning for the Future
Relevant Department Goal
Facilitate Affordable Housing Production
Executive Summary
This affordable housing development, known as Villa Serena II is the redevelopment of the former 136-unit Villa Serena affordable housing development on the same site. Villa Serena 2 began with predevelopment in 2014. The project is a two-phase development; Villa Serena II Phase 1 (85 units) was completed in March 2023. The affordable housing developer, National CORE intends to develop Phase 2 (63 units) by the end of 2025. The project will have a net gain of 12 units with a denser room count...
Click here for full text