Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Executive
Raymond Hodges, Director of Department of Housing
Subject: Amendment and Restatement of Resolution No. 080959 for Commitment of $9,000,000 for the Development of Affordable Rental Housing Located at 320 Sheridan Drive, Menlo Park
RECOMMENDATION:
title
Adopt a resolution amending and restating Resolution No. 080959, for the purpose of:
A) Authorizing a conditional allocation of $9,000,000 in general fund monies or other available funds to assist in the development of an 88 unit, 100% affordable, deed restricted, rental housing project at 320 Sheridan Dr. in Menlo Park (the configuration of which does not preclude accommodating a secondary egress point from the site parking lot to a publicly accessible road, if such is later approved), including preference criteria for thirty-five (35) units for County and other local public employees to the extent permitted by applicable law (the "Project"), which allocation shall be expressly contingent upon a confirmed award of either funding for the Project under the California Housing Finance Agency's (CalHFA's) Mixed Income Program (MIP) or allocation of 4% state and federal tax credits for the Project by the California Tax Credit Allocation Committee (CTCAC) not later than July 30, 2025; and
B) Authorizing the County Executive, or designee(s), to execute a letter to CalHFA, substantially in the form of Attachment A, specifying the County's funding commitment for the Project as contingent upon a confirmed award of either MIP funding or allocation of 4% state and federal tax credits for the Project by CTCAC not later than July 30, 2025; and
C) Authorizing, if the Project is awarded MIP funding or an allocation of 4% state and federal tax credits not later than July 30, 2025, the Director of the Department of Housing, or designee(s), acting in consultation with the...
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