MEETING DATE:
March 22, 2022
SUBJECT:
Title
APPROVAL OF REPLACEMENT HOUSING PLAN AND MODIFIED PROJECT GAP FINANCING AMOUNT WITH AFFIRMED HOUSING FOR THE MARIPOSA II PHASE 2 (AKA ALORA) AFFORDABLE HOUSING COMMUNITY
Body
Recommendation
Recommendation
ADOPT the attached Resolution approving modified project gap funding for the affordable housing development Mariposa II Phase 2 and the updated Replacement Housing Plan for Mariposa II Phase 2
Body
Board or Commission Action (If not applicable, please state not applicable below)
Resolution No. SHA 2016-018 dated April 26, 2016 authorizing predevelopment loan and DLA (Phase 1)
Resolution No. SHA 2016-8190 dated April 26, 2016 authorizing transfer of 22 units and the DLA (Phase 1)
Resolution No. 2019-8675 dated September 24, 2019 authorizing Mariposa II (Phase 1) a predevelopment loan, relocation loan, replacement housing plan, and modification to a previously authorized DLA
Resolution No. SHA 2020-040 dated June 25, 2020 authorizing Mariposa II (Phase 1) project gap financing and modification to a previously authorized DLA (Phase 1)
Resolution No. 2020-8779 dated June 25, 2020 authorizing Mariposa II (Phase 1) project additional gap financing from the proceeds of 3 formerly City-owned apartment complexes (Phase 1)
Relevant Council Strategic Theme (If not applicable, please state not applicable below)
Planning for the Future
Relevant Department Goal (If not applicable, please state not applicable below)
Facilitate Affordable Housing Production
Executive Summary
The current Mariposa affordable housing community at 604 Richmar Avenue is an ageing 71-unit apartment complex that was acquired, rehabilitated and converted to affordable housing by Affirmed Housing in the late 1990s. The complex is now at the point in the life cycle of the buildings where complete demolition and reconstruction is necessary. The redeveloped Mariposa II project is envisioned as a two-phased multifamily, new construction afforda...
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