HomeMy WebLinkAboutStaff Report 07/18/2011 2.B3.g58
A Iteww #2 .
DATE: July 18; 204 1
y ., g City TO: Honorable Mayor and Members the City Counci throw h Cit 'Manager
FROM: Bonne Gae'bler, Housing Administrator OAR
g Applicati
SUBJECT: Resolution Authorizm The Submittal O An, on. To The, California State
Department Of Housing And Community Development For Funding Under The HOME
investment Partnerships Program; And If Selected, Thre'Exeeutiori°Of A Standard. Agreement,
Any y ents Necessary. To Participate In The
An Amendments Thereto;. And Of An Related Docum
Home Investment Partnerships, Program
RECOMMENDATION
It is recommended that the; City Counc l adopt the , attached Resolution Authorizing, The
Submittal Of An Application To `The California State Department .Of Housing And Community
p g mrit Partnershi s Pr
Selected Agreement ,Any, Amendments p ogra And, If
The Execution Of,A Standard A
Development For Fundm , Under The HOME Invest e
,
g ,, � Thereto ; And Of Any
Related Documents Necessary To Participate In The, Home °Investment Partnerships Program
BACKGROUND
The HOME program is a rental new construction program:administered "by the California State
Depa rtment of Housing an Comm
p g 'D ,e me "
�' unit y - Yelo p nt.(HCD). The proposed be,
submitted by the City of Petaluma, for fund rn
din to be utlized,by Petaluma.Ecuemcal Properties:
(PEP Housing) for their most recent proposed development, Kellgren Senior ApartrnentsJocated
at 855 Wood Sorrel Drive. This "project has received land use and sitcAesign approvals.
DISCUSSION
I I
The City of'Petaluma;'a HUD - designated entitlement.jurisdiction,, is eligible to'applyfor HOME
fun, ds on a ro ect s . ecific basis "`In the ast the Cit has received seven HOME rants. in the
total
. R
amount ,of $16,0, assistin 460 units of low inco me housing,
p ,� 00
p' 000 �
r
g ( •
Roundwalk Village 2 9 units /work force housing/ Burbank Housing)
Edith Street {Senior Apts. (23' units /senior housing /PEP Housing) "
�; d Elm Villa e. 80 umlts %work: s /senio� houg n /PEP Housing)
>
Ol g ( /Burbank.H'ousm
Lieb Senior Apartments (23 umt g g
Downtown River "Apartments (80 units /work force housing /Eden. Housing)
`/senior h
N Casa Grande Senior Apartments (58 units o" using /PEP Housing)
Logan Place (66 units /work force housing %Burbank, Housing)
i
Agenda.Re' iew:
City Attorney Finance Director City. Manage ,
FINANCIAL. IMPACTS
To date, the following.Low -mod Housing Fund commitments have been made (or proposed) to
PEP Housing for the Kellgren Senior Apartments development;
FY 2004 -2009 $1,144,537
FY 2010 - 2011 433,780
FY 2011 -2012 (proposed) $ 259,000
Total $1,837,317
The resolution being recommended,calls. for, "an allocation, of funds riotAo- exceed $4.1 million."
If the application, which is extremely competitive, lis approved, HOME funds will be allocated to
the City of Petaluma 4n the form of grant. ''The City will then enter into a loan with, PEP
Housing, memorialized in a promissory note, secured. by a deed of `trust. and an Affordability
Agreement. The of the loan
Restriction A terms
g are generally 3 4 year'deferred at 3% interest.
PEP Housing is responsible for compiling, and organizing. the Aphcation; the City receives an
administrative fee for administering. the grant and for long -.term monitoring of the project.
ATTACHMENTS
2
ATTACHMENT #I
Resolution ,INo. 20'11— XXXN.C.S.
of the City of Petaluma, California
AUTHORIZING THE SUBMITTAL OF AN APPLICATION TO THE CALIFORNIA STATE
DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT FOR FUNDING
UNDER THE HOME 1,NVESTMENT`PARTNERSHIPS PROGRAM; AND IF SELECTED,
THE EXECUTION OF A STANDARD AGREEMENT, ANY AMENDMENTS THERETO;
AND OF ANY RELATED DOCUMENTS NECESSARY TO PARTICIPATE IN THE 'HOME
INVESTMENT PARTNERSHIPS PROGRAM
WHEREAS:
A. The California Department , of Housing and Community Development (the "Department ")
is authorized to allocate HOME Investment Partnership Program.( "HOME ") funds made
available from the U.S. Department of Housing and Urban Development'( "HUD ").
HOME funds are to be used.for the purposes set forth:in Title tl of the Cranston -
Gonzalez National Affordable Housing Act of 1990, ih federal implementing regulations
set forth in Title 24 of the Code of Federal Regulations 92,,, and in Title 25 of the
California Code of Regulations commencing with section 8200.
B. On June 1, 201 1, the Department issued a 2011 Notice of Funding Availability
announcing the availability of funds under the HOME program (the "NOFA ").
C. In response to the 201 NOVA, the Y ent fo Petaluma, and receive corporation, (the
"Applicant") wishes to apply to th" e Departm an allocation of, HOME
funds.
NOW THEREFORE BE IT .RESOLVED THAT:
L In response to the 2011 NOFA, the,Applicant,;shall submit, an,applicatign'to the
Department to participate, in the HOME program and for an allocation of funds'; not to
exceed $4.1 Million for a,Rental Now' `construction project consisting of a total' of 5.0
very- low income senior apartments located in Petaluma. CA.
2. If the application for`.funding is approved, then the Applicant hereby agrees to use the
HOME funds for eligible activities in the manner presented in its application as approved
by the Department in accordance with the statutes and regulations cited above. The
3
Applicant mayalso`exe-cute a standard agreement, any amendments thereto, and any and
all other docurnefitsi or instruments necessary or required by the Department of HUD for
artici ation in the HOME ro ram col'lectivel ; the' "re uired.documents"
p p p g �. y� q )..
3. The City Manager, or his designee, is authorized to execute all required documents on
behalf of the applicant and City.
Kellgrenhomestaffreportjuly20a I
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