MEETING DATE:
JUNE 14, 2016
SUBJECT:
Title
RESOLUTION NO. SHA 2016-021 - APPROVAL OF FULL APPLICATION FOR THE AFFORDABLE HOUSING & SUSTAINABLE COMMUNITIES PROGRAM FUNDING FOR THE EL DORADO II AFFORDABLE HOUSING PROJECT
Body
Recommendation
Recommendation
ADOPT a resolution of the City Council acting solely in its capacity as the Successor Housing Agency (SHA) to the San Marcos Redevelopment Agency approving the submittal of a full joint application for the Affordable Housing & Sustainable Communities (AHSC) Program funding with Orange Housing Development Corporation/C & C Development (Developer) for the El Dorado II affordable housing project and authorizing the City Manager to sign all necessary documents.
Body
Board or Commission Action
Planning Commission approval on April 28, 2014
City Council project approval on May 27, 2014
City Council/SHA approval of Developer Loan Agreement on December 9, 2014
City Council/SHA approval of AHSC preliminary application March 8, 2016
Relevant Council Strategic Theme
Planning for the Future
Relevant Department Goal
Facilitate Affordable Housing Production
Introduction
One of the City's long term projects is the completion of the revitalization of the Richmar neighborhood, including the area between Mission Road and Richmar Avenue. To that end, the City Council approved on May 27, 2014 the El Dorado II project. The City has approved acquisition loans to the Developer totaling $9,537,238 from the Low/Mod Housing Increment fund for property assembly. The Developer has tried unsuccessfully twice to acquire funding via the standard 9% federal tax-credit program administered by the State. On March 8, 2016 the City Council approved a preliminary joint application for the AHSC funding. The project has received preliminary approval from the State to submit a full application for the AHSC program.
Discussion
The new El Dorado II development will be a mixed-use, multi-family, new construction affordable hous...
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