CITY COUNCIL STAFF REPORT
MEETING DATE: SEPTEMBER 2, 2015
PREPARED BY: Rebecca Garcia, Housing Manager/Community Development
APPROVED BY: City Manager
TITLE
EAH FIRST AMENDMENT TO LOAN AGREEMENT FOR DEVELOPMENT OF SCATTERED SITE HOUSING PROJECT
END
RECOMMENDATION(S)
RECOMMENDATION
Adopt resolution:
1. Authorizing the City Manager to execute a First Amendment to the EAH Affordable Housing Loan Agreement, and related financing documents to increase the loan from $3,622,000 to $4,500,000 for the purpose of constructing the Morgan Hill Family multi-site affordable housing development; and
2. Authorizing the City Manager to execute and administer a sale/transfer or financing agreement to facilitate the City's contribution of the third site, Villa Ciolino "Parcel B", to EAH Housing.
BODY
COUNCIL PRIORITIES, GOALS & STRATEGIES:
Ongoing Priorities
Maintaining fiscal responsibility
REPORT NARRATIVE:
As part of the March 2013 Affordable Housing Report, the Housing team initially discussed with Council particular developments that the City could create as a capstone to the City's rich legacy of affordable housing support. One of the development concepts discussed and approved was the EAH Morgan Hill Family and Transitional Age Youth (TAY) project. TAY Housing is specifically designed to target the housing needs of youth transitioning from foster care, which terminates at age 18. EAH Housing studied the housing product and financing potential, and surveyed a variety of locations for construction of the project. They ultimately proposed to build TAY in conjunction with a family project in order to integrate the housing types in a supportive neighborhood environment. They identified two sites, 40 E Dunne which is the former St. Catherine's school site as well as the site of the former Giovanni's Restaurant. The sites were close enough to be cooperatively managed. The Giovanni's site was not only suitable for affordable h...
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