MEETING DATE:
July 9, 2019
SUBJECT:
Title
RESOLUTION NO. SHA 2019-037 - APPROVAL OF A ROLL-OVER FUNDING PACKAGE, REPLACEMENT HOUSING PLAN AND DEVELOPMENT AND LOAN AGREEMENT WITH NATIONAL CORE FOR THE REDEVELOPED VILLA SERENA II AFFORDABLE HOUSING COMMUNITY
Body
Recommendation
Recommendation
ADOPT a resolution approving roll-over of the legacy loan extended to the original Villa Serena project, Development and Loan Agreement, and a Replacement Housing Plan for Villa Serena II.
Body
Board or Commission Action
Resolution No. SHA 2014-009 dated Sept 9, 2014 authorizing predevelopment loan and ENA
Resolution No. SHA 2014-011 dated Dec 9, 2014 authorizing SHSA
Resolution No. SHA 2016-019 dated Jun 14, 2016 authorizing CDLAC approval letter
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 aging 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. The Successor Housing Agency (SHA) is being asked to roll-over the existing Redevelopment Agency (RDA) loan made to the legacy Villa Serena project in 1998. Because the entire legacy Villa Serena affordable housing project will be demolished, the SHA is also being asked to approve the Replacement Housing Plan required by Community Redevelopment Law.
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