Title
Resolution approving 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, First Amendment to the Affordable Housing Regulatory Agreement, Letter of Intent to allocate Local Housing Trust Fund grant funds, and Budget Amendment Number 25.054.
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WHEREAS, on November 13, 2019, the City Council adopted Resolution No. 153-2019 approving a Purchase and Sale Agreement and Affordable Housing Agreement with BRIDGE Housing Corporation ("BRIDGE") that provided a $2 million predevelopment loan from Fund 823, the City's Commercial Linkage Fee Fund, to the affordable housing project at 1051 Mission Road (the "Project"); and
WHEREAS, the California Department of Housing and Community Development ("HCD") is authorized to provide up to $57 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))) (the "Program"); and
WHEREAS, HCD issued a Notice of Funding Availability ("NOFA") dated May 3, 2021, under the LHTF Program; and
WHEREAS, the City of South San Francisco (the "City") executed a standard agreement with HCD on August 30, 2022, approving a $2,362,500 award to the City to administer one or more eligible activities using LHTF funds; and
WHEREAS, the City had initially committed LHTF funds to a proposed senior affordable housing project at 201 Baden Avenue, which is not moving forward and thus these funds are now available for another eligible activity specified in the LHTF NOFA; and
WHEREAS, the City now wishes to commit LHTF funds to the Project being developed by BRIDGE; and
WHEREAS, the LHTF standard agreement requires the City to provide an equivalent local match of $2,362,500 and eligible activities must follow the affordability requirements spec...
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