Title
Report regarding a resolution approving the First Amendments to the Loan Agreement and Affordable Housing Regulatory Agreement between the City of South San Francisco and BRIDGE Housing Corporation for the development of 158 affordable housing units at 1051 Mission Road and associated actions, including approving Budget Amendment Number 25.054, and a resolution affirming the City's support for BRIDGE's Affordable Housing Sustainable Communities (AHSC) Grant application and authorizing the City Manager to execute an AHSC Implementation and Cooperation Agreement and an AHSC Scope of Work for an Anti-Displacement Strategy. (Nell Selander, Economic & Community Development Director)
label
RECOMMENDATION
Recommendation
Staff recommends that the City Council adopt two resolutions:
1) Authorizing the City Manager to execute the First Amendment to the Loan Agreement between the City of South San Francisco and BRIDGE Housing Corporation for the development of 158 affordable housing units at 1051 Mission Road, increasing the total award from $2,000,000 to $4,725,000, as well as the following associated actions:
a. Authorizing the City Manager to execute the First Amendment to the Affordable Housing Regulatory Agreement,
b. Authorizing the City Manager to execute a Letter of Intent to allocate $2,362,500 in Local Housing Trust Fund grant funds to the 1051 Mission Road Project, and
c. Approving Budget Amendment Number 25.054 appropriating an additional $362,500 in Fund 823, the Commercial Linkage Fee Fund, to serve as the required local match for the LHTF funds.
2) Affirming the City's support for BRIDGE's Affordable Housing Sustainable Communities (AHSC) Grant application requesting up to $50 million in AHSC funds for affordable housing development and transportation infrastructure improvements, as well as the following associated actions:
a. Authorizing the City Manager to execute an AHSC Implementation and Cooperation Agreement with BRIDGE as required for...
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