MEETING DATE:
March 22, 2022
SUBJECT:
Title
RESOLUTION NO. 2022-8995 - APPROVAL OF REPLACEMENT HOUSING PLAN AND MODIFIED PROJECT GAP FINANCING AMOUNT WITH NATIONAL CORE FOR THE VILLA SERENA II PHASE 2 AFFORDABLE HOUSING COMMUNITY
Body
Recommendation
Recommendation
ADOPT resolution approving modified project gap funding for the affordable housing development Villa Serena II Phase 2 and the updated Replacement Housing Plan for Villa Serena II Phase II
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)
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 to distinguish it from the ageing 136-unit Villa Serena affordable housing development on the same site, has been in the predevelopment phase since September 2014. The owner of the legacy project is National CORE. National CORE intends to redevelop the site with the new Villa Serena II project which received entitlements in February 2017. Villa Serena II will provide 148 residential units, a community room and leasing office to replace the current 136 units, for a net gain of 12 units along with a more diverse bedroom mix throughout the new development. Villa Serena II also offers significantly improved sustainability and efficiency over its predecessor.
In July 2019, SHA resolution 2019-037 authorized the rollover of the exist...
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