City Council Amendment to Annual Action Plan for HOME Program

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Presentation transcript:

City Council Amendment to 2017-18 Annual Action Plan for HOME Program April 30, 2018 James Wong, Senior Project Manager

Substantial Amendment to 2017-18 Annual Action Plan for HOME Funds Recommendation Find that the recommended action is exempt from the California Environmental Quality Act (CEQA) pursuant to State CEQA Guidelines per Section 15061(b)(3), the “General Rule” exemption; and Approve the Substantial Amendment to the Annual Action Plan (2017-18) for HOME funds.

Substantial Amendment to 2017-18 Annual Action Plan for HOME Funds Background On 5/15/17 City Council approved the 2017-2018 Annual Action Plan for HOME program funds. Per HUD, substantial changes to the Plan must be approved by the local governing body. The proposed allocation of $399,179 in HOME funds for the Villa Los Robles rehabilitation project represents a substantial change to the Plan. November - with the intent to expend all funds by a June 30, 2016 target date.

Substantial Amendment to 2017-18 Annual Action Plan for HOME Funds Project HOME Funding Allocation Villa Los Robles Rehab 473 N. Los Robles Ave. 8-unit infill, affordable rental project for very low- and low-income families built in 1992 Owner: Los Robles Partners LP $399,179 Additional Funding Funded from available, unencumbered HOME balance * HOME commitment requirements satisfied through 9/30/20

Substantial Amendment to 2017-18 Annual Action Plan for HOME Funds Villa Los Robles Rehabilitation Project Proposed HOME-eligible rehabilitation will include: > Address capital needs & extend building useful life > Upgrade worn/life-exhausted components/systems > Provide energy efficiency improvements > Augment replacement reserve. A recommendation on the terms of the rehabilitation loan agreement for the project will be presented to City Council upon approval of the Substantial Amendment