Title
Resolution of the City Council of the City of South San Francisco approving Letters of Intent to fund two affordable rental housing projects with Local Housing Trust Fund funds, if awarded.
Body
WHEREAS, the State of California (the "State") Department of Housing and Community Development ("Department") is authorized to provide up to $53 million under the Local Housing Trust Fund ("LHTF") Program from the Veterans and Affordable Housing Bond Act of 2018 (Proposition 1) (as described in Health and Safety Code section 50842.2 et seq. (Chapter 365, Statutes of 2017 (SB 3)) ("Program");
WHEREAS, the Department issued a Notice of Funding Availability ("NOFA") dated 7/9/2024 under the LHTF Program;
WHEREAS, the City is applying for $5,000,000 in LHTF funds to match the City's prior commitments to affordable rental housing development;
WHEREAS, the City has already committed $2,000,000 in local housing trust fund dollars, funded by Commercial Linkage Fees, and kept in Fund 823 for the 1051 Mission Road Project by BRIDGE Housing as well as $6,850,000 for the acquisition of 226-246 Grand Avenue;
WHERAS, the City has already committed $556,789 in Permanent Local Housing Allocation ("PLHA") funds to Rotary Club and Beacon Development for the Rotary Gardens Project at 500 Linden;
WHEREAS, the City wishes to match these commitments from its housing trust fund with State LHTF funding and so is seeking an award of $5,000,000;
WHEREAS, the City wishes to commit 2024 LHTF funds, if awarded, to both the 1051 Mission Road Project and the Rotary Gardens Project on a dollar-for-dollar basis matching its own previous commitments.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San Francisco does hereby approve a Letter of Intent to award $2 million in 2024 LHTF funds, if awarded by the State, to BRIDGE Housing for the 1051 Mission Road Project in substantially the form included as Exhibits A to this resolution.
BE IT FURTHER RESOLVED th...
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