MEETING DATE:
SEPTEMBER 9, 2014
SUBJECT:
Title
RESOLUTION NO. SHA 2014-009 - AN EXCLUSIVE NEGOTIATING AGREEMENT AND PREDEVELOPMENT LOAN WITH NATIONAL CORE FOR A REDEVELOPED AFFORDABLE HOUSING COMMUNITY IN THE RICHMAR NEIGHBORHOOD
Body
Recommendation
Recommendation
That the City Council in its capacity as the Successor Housing Agency adopt the attached resolution approving the Exclusive Negotiating Agreement (ENA) and predevelopment loan with National CORE (the Developer) for a redeveloped affordable housing community in the Richmar neighborhood
Body
Board or Commission Action
N/A
Relevant Council Strategic Theme
Good Governance
Relevant Department Goal
City of San Marcos 2013-2021 Housing Element; Implementing Program 2 "Facilitate Affordable Housing Construction"
Introduction
The existing Villa Serena affordable housing community is an ageing 132-unit apartment complex that was acquired, rehabilitated and converted to affordable housing by the Developer in the late 1990s time frame. The community is now at the point in the life cycle of the buildings, which were built in the 1970s, where either a more substantial rehabilitation or a complete reconstruction will be necessary in the foreseeable future. In either case, financing assistance from the City will be required. The preferred and least expensive option for the City is for the developer to completely demolish the current buildings and build a brand new affordable housing development on the site using 9% low income housing tax credits as the baseline layered funding source.
The new development will be located on the same site as Villa Serena; specifically, on both the northwest and the northeast corners of the intersection of Richmar Avenue and Marcos Street. This somewhat unusual configuration came about when the developer acquired two separate market-rate apartment complexes, the Lido Apartments and the Imperial Apartments, and brought them under common mana...
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