Agenda Item Wording:
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Community Housing Development Organization Re-certification - Authorize re-certification of Self-Help Enterprises as a Community Housing Development Organization (CHDO); authorize an award for $226,944 in Fiscal Year 2025/2026 HOME funds, as a 55-year residual receipt loan, toward construction of an 80-unit affordable senior housing development known as Crescent Meadows; and authorize the City Manager to execute a letter of commitment for Self-Help Enterprises for Crescent Meadows for an amount up to $1 million (combined Fiscal Year 2025/2026, Fiscal Year 2026/2027, and Fiscal Year 2027/2028 HOME funding), contingent upon available funding.
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Prepared by:
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:
1) Authorize the City Manager to execute an agreement re-certifying Self-Help Enterprises, Inc. (SHE) to serve as a Community Housing Development Organization (CHDO) for the City of Visalia HOME funds; and
2) Authorize an award for $226,944 in FY 25/26 HOME funds, contingent upon actual program income received, as a 55-year residual receipt loan for construction of the 80-unit affordable senior housing development known as Crescent Meadows; and
3) Authorize the City Manager to execute a letter of commitment to Self-Help Enterprises for the Crescent Meadows project to provide an amount up to $1 million in HOME funding, contingent upon actual available funds for FY 25/26 = $226,944; FY 26/27 and FY 27/28 = $773,056; and ...
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