Agenda Item Wording:
title
Authorize a resolution to receive Homekey funds - Approve a resolution authorizing a joint application with RHCB Development LP and Visalia Homekey LP for Homekey Round 3.0 not to exceed $15 million for the Majestic Gardens Project; the Mayor to be named as the authorized signer for Homekey documents; and the City Manager to sign Resolution 2024-02.
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Deadline for Action: 2/20/2024
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Margie Perez, Housing Specialist, margie.perez@visalia.city, (559)713-4460; Melody Murch Assistant Finance Director, melody.murch@visalia.city, (559)713-4379; Renee Nagel, Finance Director, renee.nagel@visalia.city, (559)713-4375
Department Recommendation:
Staff recommends that Council:
* Adopt Resolution 2024-02 authorizing a joint application with RHCB Development LP and Visalia Homekey LP for Homekey Round 3.0 program not to exceed $15 million for the Majestic Gardens Project as required by California Department of Housing and Community Development;
* Authorize the Mayor to be named as the authorized signer for Homekey documents on behalf of Co-Applicant for participation in the Homekey Program; and
* Authorize the City Manager or their designee to sign Resolution 2024-02.
Background Discussion:
On April 17, 2023, Council authorized staff to apply in conjunction with co-applicant RHCB Development LP for Homekey Round 3.0 not to exceed $15 million to assist with the development and operation of the Majestic Gardens Project to convert the Majestic Motel into permanent supportive rental housing. The City of Visalia and co-applicant RHCB Development LP were awarded $13,835,376 for the development and operation of Majestic Gardens. To execute the Homekey 3.0 award, an updated resolution is required to maintain compliance with Government Code 40602, identifying the mayor as the authorized signatory for Homekey documents as well as include the second co-applica...
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