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File #: 22-803HA    Version: 1 Name: 3575 MENDOCINO AVENUE PHASE II- FUNDING RECOMMENDATION
Type: HA- Report Status: Agenda Ready
File created: 2/8/2022 In control: Housing Authority
On agenda: 2/28/2022 Final action: 2/28/2022
Title: REPORT - 3575 MENDOCINO AVENUE PHASE II- FUNDING RECOMMENDATION BACKGROUND: The Fall 2021 Notice of Funding Availability (NOFA) was published on October 1, 2021 and made available $694,325 in Permanent Local Housing Allocation (PLHA) program funds and $1,565,675 in HOME Investment Partnership (HOME) program funds. Of the applications received, there were no projects eligible to receive HOME funds. At the time that applications were due for the NOFA, the 3575 Mendocino Avenue Phase II project was anticipated to be fully funded and BRJE Phase 2 Housing Partners, LP (the Developer) did not submit an application for funding. In late January, the Developer became aware of and advised Housing Authority staff of a funding shortfall due to a lower-than-expected tax credit equity amount from investors and increased construction costs. The disaster tax credit award requires the project to begin construction by April 10, 2022, which does not allow the time for the project to apply for funding fr...
Sponsors: Housing Authority
Indexes: Sustainable Communities Environmental Assessment
Code sections: 15378 - Not a Project
Attachments: 1. Staff Report, 2. Attachment 1 - Fall 2021 NOFA, 3. Attachment 2 - Affordable Housing Loan Application, 4. Attachment 3 - BRJE Phase 2 Housing Partners Loan Request Letter, 5. Attachment 4 - 3575 Mendocino Phase II Project Summary, 6. Resolution, 7. Presentation
Related files: 21-800HA