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File #: 18-0769    Version: 1 Name: Authorization of Purchase Option Agmt with CalPFA for Acq. of 1020 Jennings Ave
Type: CC- Report Status: Agenda Ready
File created: 9/25/2018 In control: City Council
On agenda: 10/16/2018 Final action:
Title: REPORT - AUTHORIZATION OF PURCHASE OPTION AGREEMENT WITH THE CALIFORNIA PUBLIC FINANCE AUTHORITY (CALPFA) FOR 1020 JENNINGS AVENUE; SUPPORT FOR CALPFA’S ISSUANCE OF TAX-EXEMPT BONDS FOR ACQUISITION OF 1020 JENNINGS AVENUE; AND APPROPRIATION OF ANY SURPLUS CASH RECEIVED FROM THE PROJECT INTO FUND 2282 FOR AFFORDABLE HOUSING PURPOSES BACKGROUND: CalPFA, in conjunction with Catalyst Housing, is in the process of acquiring the market-rate multi-family rental complex at 1020 Jennings Avenue (Property) in Santa Rosa. CalPFA is a public agency that will own and operate the complex and is requesting that the City enter into a Purchase Option Agreement for the Property. If approved by the Council, the Purchase Option Agreement may be exercised by the City, if the City so desires, between years 15 and 35 of CalPFA’s ownership. The Property will be restricted by a CalPFA Regulatory Agreement to households earning 80%, 100%, or 120% of Area Median Income (AMI). Support for the Project by the City...
Sponsors: Housing and Community Services
Indexes: Not a Project
Attachments: 1. Staff Report, 2. Attachment 1, 3. Resolution, 4. Exhibit A, 5. Presentation