Agenda Item Wording:
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Authorize re-certification of Self-Help Enterprises, Inc. (SHE) as a Community Housing Development Organization (CHDO); authorize an award for approximate $630,000 in FY 23/24 HOME funds, as a 55-year residual receipt loan, toward construction of an 80-unit multi-family housing development known as Rancho Colegio; and authorize the City Manager to execute a letter of commitment for Self-Help Enterprises for Rancho Colegio for an amount up to $1,290,000 (combined FY 23/24 and FY 24/25 HOME funding).
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Deadline for Action: 8/7/2023
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Margie Perez, Housing Specialist, 713-4460, margie.perez@visalia.city; Melody Murch, Assistant Finance Director, 713-4379, melody.murch@visalia.city; Renee Nagel, Finance Director, 713-4375, renee.nagel@visalia.city
Department Recommendation:
Staff Recommends that Council:
1. Authorize the City Manager to execute an agreement re-certifying Self-Help Enterprises, Inc. (SHE) as a Community Housing Development Organization (CHDO) under the terms, regulations, and requirements of the U.S. Department of Housing and Urban Development (HUD) - HOME Investment Partnership (HOME) Program; and
2. Authorize an award for approximate $630,000 in FY 23/24 HOME funds, contingent upon actual program income received, as a 55-year residual receipt loan for construction of the 80-unit multi-family housing development known as Rancho Colegio; and
3. Authorize the City Manager to execute a letter of commitment to Self-Help Enterprises for the Rancho Colegio project to provide an amount up to $1,290,000 in HOME funding (combined amount from FY 23/24 - $630,000 and FY 24/25 - $660,000 - estimated); and
4. Authorize the City Manager to negotiate terms, approve any minor or technical revisions, and execute necessary contracts and loan agreements for the Rancho Colegio project, including provisions required to maintain ownership and use...
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