Title
Report regarding resolutions: 1) approving a loan agreement between the City of South San Francisco (City) and Rotary Plaza, Inc. for $1,076,383 for an affordable housing development at 522 Linden and approving Budget Amendment Number 24.047; 2) approving a loan agreement between the City and Rotary Plaza, Inc. for $556,789 for an affordable housing development at 500 Linden and approving Budget Amendment Number 24.048; and 3) amending Resolution 188-2023 authorizing the City of South San Francisco to apply to the State of California to receive and administer the City's entitlement of Permanent Local Housing Allocation (PLHA) funds and to enter into all required agreements to receive the PLHA funds. (Elia Moreno, Housing Management Analyst I)
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RECOMMENDATION
Recommendation
Staff recommends that City Council consider adopting the following resolutions:
1. A resolution approving a predevelopment loan agreement between the City of South San Francisco (City) and Rotary Plaza, Inc. for $1,076,383 from Low/ Mod- Income Housing Asset Funds (Fund 241) for the development of approximately 65 family affordable housing units at 522 Linden and approving Budget Amendment Number 24.047 appropriating the loan amount;
2. A resolution approving a predevelopment loan agreement between the City and Rotary Plaza, Inc. for $556,789 from the City's Permanent Local Housing (PLHA) 2019 and 2020 allocations for the development of approximately 80 senior affordable housing units at 500 Linden and approving Budget Amendment Number 24.048 appropriating the loan amount; and
3. A resolution amending the City's PLHA 5-year plan and authorizing the City Manager to execute all necessary documents in order to commit PLHA funds to the Rotary Plaza, Inc. project.
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BACKGROUND
On December 13, 2023, City Council received a presentation regarding a request from Rotary Plaza, Inc. for funding to support a newly proposed affordable housing development, Rotary Gardens, located at 50...
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