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File #: 17-0827    Version: 1 Name: Urban Housing Communities' Request for Revenue Note for The Crossings on Aston Apts
Type: CC- Report Status: Agenda Ready
File created: 8/30/2017 In control: City Council
On agenda: 9/19/2017 Final action:
Title: REPORT - URBAN HOUSING COMMUNITIES’ REQUEST TO AUTHORIZE ISSUANCE, SALE AND DELIVERY OF TAX-EXEMPT MULTIFAMILY HOUSING REVENUE NOTE IN A MAXIMUM AMOUNT OF $7,105,000 FOR THE CROSSINGS ON ASTON APARTMENTS BACKGROUND: Issuance of the City of Santa Rosa 2017 Multifamily Housing Revenue Note in a maximum aggregate principal amount of $7,105,000 will facilitate the financing necessary for acquisition, construction and development of The Crossings on Aston Apartments, an affordable rental facility with 26 affordable units, one manager unit and one community room in 14 duplexes (the “Project”). Twenty-four units are 3-bedroom units, and three units are 1-bedroom units. Affordability is targeted to families whose household income ranges from 30% of area median income (“AMI”) (Extremely Low-Income) to 60% AMI (Low-Income). Incomes and rents and will be restricted for 55 years by regulatory agreements. Construction is expected to begin in October 2017 and take 10 months to complete. Finan...
Sponsors: Housing and Community Services
Indexes: Mitigated Negative Declaration
Attachments: 1. Staff Report, 2. Attachment 1, 3. Attachment 2, 4. Attachment 3, 5. Attachment 4, 6. Attachment 5, 7. Attachment 6, 8. Attachment 7, 9. Attachment 8, 10. Attachment 9, 11. Resolution, 12. Presentation