REPORT TO COUNCIL
SUBJECT
Title
Award Conditional Funding for $29,533,000 in Housing Mitigation Funds and Below Market Rate In-Lieu Funds for the Acquisition, Pre-development, and/or Development of Three Affordable Housing Developments
Report
SUMMARY OF COMMISSION ACTION
The Housing and Human Services Commission (HHSC) considered this item on July 24, 2023 (see Attachment 1, Report to Housing and Human Services Commission No. 24-0806). The HHSC voted to approve Alternative 1 to Recommend that the City Council award conditional funding commitments for $29,533,000 in Housing Mitigation Funds and Below Market Rate In-lieu Funds for the acquisition, pre-development, and/or development of the projects, as presented in Attachment 3 to the report. The vote was 6-0, with Commissioner Riviere absent. Minutes of the HHSC meeting are provided in Attachment 4.
PUBLIC CONTACT
Public contact was made by posting the Council meeting agenda on the City's official-notice bulletin board at City Hall, at the Sunnyvale Public Library and in the Department of Public Safety Lobby. In addition, the agenda and this report are available at the NOVA Workforce Services reception desk located on the first floor of City Hall at 456 W. Olive Avenue (during normal business hours), and on the City's website.
ALTERNATIVES
1. Award conditional funding commitments for $29,533,000 in Housing Mitigation Funds and Below Market Rate In-lieu Funds for the acquisition, pre-development, and/or development of the projects presented in Attachment 3 to the report.
2. Award conditional funding commitments for $32,500,000 in Housing Mitigation Funds and Below Market Rate In-lieu Funds for the acquisition, pre-development, and/or development of the projects presented in Attachment 3 to the report.
3. Direct staff to return with a Budget Modification with an intention to award conditional funding commitments for $34,000,000 in Housing Mitigation Funds and Below Market Rate In-lieu Funds for the acquisition,...
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