To: Honorable Mayor and Members of City Council
From: Vincent Smith, Community Development Director
Prepared By: Lark Ferrell, Housing Manager
TITLE:
Title
Heritage House Apartments Loan
LABEL
RECOMMENDED ACTION:
Recommendation
Adopt a resolution authorizing the City Manager to negotiate and execute loan documents with Heritage House Partners LP for a 55-year residual receipts loan of up to $2,200,000, with 3 % interest, from the City of Napa Affordable Housing Impact Fee Fund for the Heritage House Apartments Project, which includes 66 rehabilitated and repurposed units, located at 3700 Valle Verde Drive and determining that the potential environmental effects of the actions authorized by this resolution were adequately analyzed by a previous CEQA action.
Body
DISCUSSION:
In January 2019, City Council approved a loan reservation of $2.2 million of Affordable Housing Impact Fees for the Heritage House Apartments, a 66-unit affordable rental project proposed at the site of the abandoned Sunrise Assisted Living Facility located at 3700 Valle Verde Drive (the "Project"). Non-profit housing agencies Burbank Housing Development Corporation and Abode Services have formed a limited partnership, Heritage House Partners LP (the "Developer") for the Project. The Project would include 58 studios and eight one-bedroom units. There would be one unrestricted manager's unit and 65 units affordable to very-low income households, of which 33 would be permanent supportive housing (PSH) for formerly homeless. As noted at the time the City approved the loan reservation, formal loan approval would occur after the Project's environmental impact report was certified and the Project land use entitlements were approved. These approvals occurred at the February 4, 2020 and February 18, 2020 City Council meetings. This agenda item would provide the formal loan approval for the City's loan.
The City's loan would be leveraged with a number of funding sources. Other sourc...
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