REPORT TO COUNCIL
SUBJECT
Title
Award Conditional Funding (Loans) for $16 Million in Housing Mitigation Funds and Below Market Rate In-Lieu Funds for the Pre-development, Development and/or Rehabilitation of Four Affordable Housing Developments
Report
SUMMARY OF COMMISSION ACTION
The Housing and Human Services Commission (HHSC) considered this item on September 21, 2022 (Attachment 1).
The Housing and Human Services Commission voted to approve Alternative 1: Recommend that Council award conditional funding commitments for $16 million in Housing Mitigation Funds and Below Market Rate In-lieu Funds for the pre-development, development and/or rehabilitation to the projects listed in Attachment 3 to the report. The vote was 5-0, with Commissioner Stetson absent.
PUBLIC CONTACT
Public contact was made by posting the Council agenda on the City's official-notice bulletin board outside City Hall, at the Sunnyvale Public Library, Senior Center, Community Center and in the Department of Public Safety Lobby. In addition, the agenda and report are available at the Sunnyvale Public Library, Office of the City Clerk, and on the City's website.
ALTERNATIVES
1. Award conditional funding commitments for $16 million in Housing Mitigation Funds and Below Market Rate In-lieu Funds for the pre-development, development and/or rehabilitation to the projects listed in Attachment 3 to the report.
2. Award conditional funding commitments for $16 million in Housing Mitigation Funds and Below Market Rate In-lieu Funds for the pre-development, development and/or rehabilitation to the projects listed in Attachment 3 with modifications.
3. Do not recommend any conditional funding commitments.
STAFF RECOMMENDATION
Recommendation
Alternative 1: Award conditional funding commitments for $16 million in Housing Mitigation Funds and Below Market Rate In-lieu Funds for the pre-development, development and/or rehabilitation to the projects listed in Attachment 3 to the report.
Staff
Prepar...
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