REPORT TO COUNCIL
SUBJECT
Title
Loan Amendment to Convert 2004 Housing Mitigation Loan on Moulton Plaza Affordable Housing Project from Partially Deferred to Fully Deferred
Report
BACKGROUND
Moulton Plaza, built in 2006, is a 66-unit affordable rental housing project located at 1601 Tenaka Place in Sunnyvale. The development provides housing for lower-income households, including families and seniors. The project is owned and operated by a limited partnership (New Homestead Associates) between MidPen Housing, a non-profit housing developer (MidPen), as its managing general partner, and an investor as the limited partner. This project was built on a portion of the Homestead Park Apartments site. Moulton Plaza was MidPen's first redevelopment of a portion of one of its existing affordable housing projects. In 2004, the City loaned roughly $3.5 million to partially finance the development of Moulton Plaza. There are three loans, funded with three different sources: two federal grant pass-through funds (HOME and Community Development Block Grant funds), and local Housing Mitigation funds (HMF). A table of the outstanding loans on the property and their key terms is provided in Attachment 1.
EXISTING POLICY
Policy A.7: Support collaborative partnerships with non-profit organizations, affordable housing builders, and for-profit developers to gain greater access to various sources of affordable housing funds.
Goal B: Maintain and enhance the condition and affordability of existing housing in Sunnyvale.
ENVIRONMENTAL REVIEW
The actions being considered are exempt from the California Environmental Quality Act ("CEQA") pursuant to CEQA Guidelines section 15061(b)(3) as the activity is covered by the general rule that CEQA applies only to projects which have the potential for causing a significant effect on the environment. Where it can be seen with certainty that there is no possibility that the activity in question may have a significant effect on the envi...
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