To: Honorable Mayor and Members of City Council
From: Vincent Smith, Community Development Director
Prepared By: Stephanie Gaul, Assistant Housing Manager
TITLE:
Title
Valley Lodge Apartments Loan
LABEL
RECOMMENDED ACTION:
Recommendation
Adopt a resolution authorizing the City Manager to negotiate and execute loan documents with Burbank Housing Development Corporation for a 55-year residual receipts loan of up to $3,000,000, with 3 % interest, from the City of Napa Affordable Housing Impact Fee Fund for the Valley Lodge Apartments Project, which includes 55 rehabilitated and repurposed units of permanent supportive housing, located at 200 South Coombs Street and determining that the actions authorized by this resolution are exempt from CEQA.
Body
DISCUSSION:
In October 2021, City Council approved a loan reservation of $3 million of Affordable Housing Impact Fees for the Valley Lodge Apartments, a 55-unit affordable rental project proposed at the site of Wine Valley Lodge Motel, located at 200 South Coombs Street (the "Project"). The Project is being undertaken by the non-profit housing developer Burbank Housing Development Corporation (the "Developer"). The Project would include 54 studios and one unrestricted manager's unit. All the restricted units would be permanent supportive housing for recently homeless residents referred through the County of Napa's Coordinated Entry System and would be targeted to 30% area median income and below. This would include 14 units for homeless youth, 20 units for chronically homeless and 20 units for general homeless.
This project includes acquisition and minor rehabilitation of an existing structure that has been used for transient occupancy and does not require any land use entitlements for its conversion to multi-family residential. Only building permits would be required for the rehabilitation and conversion to residential use.
The City's loan would be leveraged with several funding sources. Other sources ...
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