Title
Report regarding a resolution affirming the City's support for BRIDGE Housing Corporation's application to the Affordable Housing Sustainable Communities (AHSC) Grant program and authorizing the City Manager to execute an AHSC Implementation and Cooperation Agreement with BRIDGE Housing Corporation and an AHSC Scope of Work for an Anti-Displacement Strategy. (Nell Selander, Economic & Community Development Director)
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RECOMMENDATION
Recommendation
Staff recommends that the City Council adopt a resolution:
1) Affirming the City's support for BRIDGE Housing Corporation's (BRIDGE) application to the Affordable Housing Sustainable Communities (AHSC) Grant program for the 1051 Mission Affordable (PUC Project) project requesting up to $50 million of AHSC funds for affordable housing development and transportation infrastructure improvements; and
2) Authorizing the City Manager to execute an AHSC Implementation and Cooperation Agreement with BRIDGE as required for reimbursement for the City's Sustainable Transit Infrastructure (STI) and Transit-Related Amenities (TRA) projects; and
3) Authorizing the City Manager to execute an Affordable Housing Sustainable Communities (AHSC) Scope of Work Document as required for the application's Anti-Displacement Strategy (AD).
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BACKGROUND/DISCUSSION
The 158 affordable units being developed by BRIDGE as part of the PUC Project, known as 1051 Mission Affordable for the AHSC grant application, are anticipated to be under construction in mid-2025 contingent upon receipt of an AHSC award in August or September 2024 and California Tax Credit Allocation Committee (TCAC) and California Debt Limit Allocation Committee (CDLAC) award in December 2024. Key to assembling the funds to build this much-needed affordable housing is securing two major State of California Housing and Community Development Department (HCD) grants: the Infill Infrastructure Grant (IIG) and AHSC. The project was awarded $28.8 million in IIG funds...
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