MEETING DATE:
February 25, 2020
SUBJECT:
Title
RESOLUTION NO. SHA 2020-039 - APPROVAL OF PROJECT GAP FUNDING FOR PHASE 1 OF THE REDEVELOPED VILLA SERENA II AFFORDABLE HOUSING DEVELOPMENT, AND AUTHORIZING THE CITY MANAGER TO NEGOTIATE, FINALIZE, AND EXECUTE ALL REQUIRED REGULATORY AGREEMENTS AND FINANCING ARRANGEMENTS
Body
Recommendation
Recommendation
ADOPT a resolution approving project gap funding for Phase 1 of the Villa Serena II affordable housing development, and authorizing the City Manager to negotiate, finalize, and execute all required regulatory agreements and financing arrangements
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
Resolution No. SHA 2019-037 dated Jul 9, 2019 authorizing roll-over of the legacy loan and the Replacement Housing Plan
Relevant Council Strategic Theme
Planning for the Future
Relevant Department Goal
Facilitate Affordable Housing Production
Executive Summary
The 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. In July 2019, the SHA authorized the roll-over the existing Redevelopment Agency (RDA) loan made to the legacy Villa Seren...
Click here for full text