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: Commitment of $9,000,000 for the Development of Affordable Rental Housing Located at 320 Sheridan Drive, Menlo Park
RECOMMENDATION:
title
Adopt a resolution:
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, including preference criteria for thirty-five (35) units for County employees (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 (CTAC) 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 CTAC 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 County Attorney and the approval of the County Executive, to negotiate and execute a loan agreement with Alliant Communities for the construction and development of the Project in an amount not to exceed $9,000,000, and associated security instruments and regulatory agreement restricting the use of the property for affordable housing; and
D) Authorizing,...
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