Agenda Item Wording:
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Authorize an updated resolution to receive and appropriate Homekey+ Funds - Approve an updated resolution (2025-64) authorizing a joint application with Self-Help Enterprises and Crescent Meadows LP for Homekey+ funds not to exceed $15 million; and appropriate $15 million in Homekey+ funds for the Crescent Meadows project, contingent upon an award.
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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) Adopt Resolution 2025-64 authorizing a joint application with Self-Help Enterprises and Crescent Meadows LP for Homekey+ funds not to exceed $15 million for the Crescent Meadows Project as required by California Department of Housing and Community Development; and
2) Appropriate Homekey+ funds up to $15 million for the development and operation of the Crescent Meadows project.
Summary:
On February 3, 2025, Council authorized resolution 2025-02 approving an application in conjunction with co-applicant Crescent Meadows LP for Homekey+ funds not to exceed $12 million to assist with the development and operation of the Crescent Meadows Project to develop an 80-unit senior affordable housing project with 24 Homekey+ assisted units. On August 15, 2025, California Department of Housing and Community Development (HCD) notified the City that it must provide an updated resolution which includes Self-Help Enterprises as a second co-applicant in addition to Crescent Meadows LP in order to proceed with the Homekey+ application. HCD recommends increasing the resolution approved amount to $15 million in the event the Homekey+ award is more than expected. Approval of this item will also appropriate $15 million in Homekey+ funds for the Crescent Meadows project, contingent upon an award of...
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