MONTECITO TOWNHOMES 70 Low-Income Rental Units (Tax Credit Gap Financing & Article XXXIV) City of Stockton Housing and Redevelopment June 28, 2005.

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Presentation transcript:

MONTECITO TOWNHOMES 70 Low-Income Rental Units (Tax Credit Gap Financing & Article XXXIV) City of Stockton Housing and Redevelopment June 28, 2005

MONTECITO TOWNHOMES – 70 Units  November 2004 – Council approved $577,000 acquisition and pre-development loan to ACLC  December 2004 – ACLC purchased 3.8 acres vacant land at SW corner of Shimizu Drive and Kingsley Ave.

MONTECITO TOWNHOMES – 70 Units  Both the environmental review and the conditional use permit request were approved at the June 23 Planning Commission meeting.  The proposed 70 units complies with the General Plan Housing Element

Montecito Townhomes – 70 Units  The 70 units consist of 35 two-bedroom units 21 three-bedroom units 13 four-bedroom units 1 two-bedroom manager’s unit

Montecito Townhomes – 70 Units  Eligible Income Levels are limited to tenants earning between 30-60% of the area’s median income

Montecito Townhomes – 70 Units  The complex includes Children’s play area Basketball court Community Center offering a “Head Start” program

Montecito Townhomes – 70 Units  ACLC is applying for 9% Tax Credits for the $19.3 million project  The Developer is requesting $2,090,388 HOME CHDO funds as gap financing for the project – this is in addition to the existing $577,000 loan.  Providing the gap financing leverages the $7 of tax credits to each $1 of City monies

Montecito Townhomes – 70 Units  Loan Terms $2,090,388 HOME CHDO funds – contingent upon tax credit allocation 55-year term 3% simple interest Repayment: from residual receipts split 50/50 between City and Developer Regulatory restrictions on tenant income for 55 years

Montecito Townhomes – 70 Units RESOLUTIONS:  1) APPROVE A $2,090,388 HOME INVESTMENT PARTNERSHIPS LOAN TO ASOCIACION CAMPESINA LAZARO CARDENAS, INC. (ACLC) FOR THE 70-UNIT MONTECITO TOWNSHOMES APARTMENT PROJECT TO BE LOCATED AT THE SOUTHWEST CORNER OF SHIMIZU DRIVE AND KINGLSLEY AVENUE; AND  2) APPROVE AN ALLOCATION OF 70 LOW- INCOME HOUSING UNITS FOR MONTECITO TOWNHOMES PURSUANT TO ARTICLE XXXIV OF THE CALIFORNIA CONSTITUTION