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05. 2006.07.10 Staff Report, City
LIVEUl@RECALIFORNIACITYCOUNCILAGENDAREPORTTOHonorableMarandityCouncil2FROMMarcRobertsCommunityDevelopmentDirectorSUBJECTAuthorizationfortheCityofLivermoretosubmitanapplicationtotheCaliforniaHousingFinanceAgencyCaIHFAResidentialLoanProgramRECOMMENDEDACTIONStaffrecommendstheCityCounciladoptaresolutionauthorizingthesubmissionofanapplicationtotheCaliforniaHousingFinanceAgencyCaIHFAResidentialLoanProgramandauthorizingtheCityManagertosignallrelateddocumentsSUMMARYOnJune52006theStateofCaliforniapublishedaNoticeofFundingAvailabilityfortheResidentialLoanProgramwhichprovideslowinterestdeferredloanstojurisdictionsforuseinthecreationofaffordableownershiphousingTheCityiseligibletocompeteforthesefundsUponCouncilapprovalstaffwillsubmitanapplicationtoCalHFAforupto4000000infundingthroughitsResidentialLoanProgramtobeusedforpredevelopmentandacquisitionexpensesassociatedwiththedevelopmentoftheLivermoreVillagehousingdevelopmentprojectlocatedattheLuckysshoppingcentersiteonRailroadAvenueDISCUSSIONTheResidentialLoanProgramoffersathreepercentinterestrateloantogovernmentalagenciestobeusedforlocallydeterminedaffordableownershiphousingdevelopmentactivitiesThisisafirstroundoffundingunderthisnewlyproposedStateprogramInthepasttheCityhasreceivedsimilartypeoffundingundertheStatesHELPprogramincluding900000foraDownPaymentAssistanceProgramand1080000forarevolvingfundtobeusedforshorttermconstructionfinancingUponCouncilapprovalstaffwillsubmitanapplicationforfundsfromtheResidentialLoanProgramIfawardedthefundswillbeusedasasupplementaryCityresourcetoIIJLIIMEETINGDATE71006IAGENDAITEM21 payforpredevelopmentexpensesandtoacquirelandforuseinthedevelopmentoftheLivermoreVillagehousingdevelopmentakeycatalystprojectinthedowntownTheapplicationisduetoCalHFAonJuly302006andmustincludearesolutionfromtheCityCouncilauthorizingsubmissionofanapplicationforfundingFISCALANDADMINISTRATIVEIMPACTSIffundingisapprovedbyCalHFAintheamountrequestedtheCitywillreceiveanallocationofupto4000000inResidentialLoanProgramfundsThelowinterestratetermsoftheRDLPLoanFundswillhelpreduceoverallprojectandprogramcoststhusenablingabetterleveragingofotherCityfundsThefundswillbeusedinconjunctionwithCityHousingInLieuandRedevelopmentFundstohelpfillpotentialacquisitionfinancinggapsatLivermoreVillageATTACHMENT1ResolutionPreparedbyApprovedbyEricUrangaHousingandHumanServicesManagerOcLindaBartonCityManager222 INTHECITYCOUNCILOFTHECITYOFLIVERMORESTATEOFCALIFORNIAARESOLUTIONAUTHORIZINGSUBMITTALOFANAPPLICATIONTOTHECALIFORNIAHOUSINGFINANCEAGENCYRESIDENTIALLOANPROGRAMANDAUTHORIZINGTHECITYMANAGERTOSIGNDOCUMENTSTheResidentialLoanProgramoffersathreepercentinterestrateloantogovernmentalagenciestobeusedforlocallydeterminedaffordablehousingdevelopmentactivitiesTheCityofLivermoreiseligibletocompeteforCaliforniaHousingFinanceAgencyResidentialLoanProgramNOWTHEREFOREBEITRESOLVEDthattheCityCounciloftheCityofLivermoreherebyauthorizesthesubmittalofanapplicationtotheCaliforniaHousingFinanceAgencyResidentialLoanProgramforfundingupto4000000topayforpredevelopmentexpensesandtoacquirelandfortheuseinthedevelopmentoftheLivermoreVillagehousingdevelopmentBEITFURTHERRESOLVEDthattheCityManagerorherdesigneeisauthorizedtosignallnecessarydocumentsonbehalfoftheCityofLivermoreOnmotionofCouncilmembersecondedbyCouncilmembertheforegoingresolutionwaspassedandadoptedthis10thdayofJuly2006bythefollowingvoteAYESNOESABSENTABSTAINCOUNCILMEMBERSCOUNCILMEMBERSCOUNCILMEMBERSCOUNCILMEMBERSATTESTAPPROVEDASTOFORMCITYCLERKTYANEYRESOLUTIONNO23 241THISPAGEINTENTIONAUYlEFTBLANK1IIlltroJJToooni