TITLE
Recommendation to adopt resolution authorizing the submission of an application to the California State Department of Housing and Community Development for up to $15,750,000 in loan and grant funds available through the Affordable Housing and Sustainable Communities Program; and, authorize City Manager, or designee, to execute all documents and agreements necessary to apply for and utilize these funds for the construction of The Spark at Midtown affordable housing project proposed for development at 1900-1940 Long Beach Boulevard. (District 6)
DISCUSSION
The Long Beach Community Investment Company (LBCIC) authorized a Disposition and Development Agreement (Agreement) and approved a $3,000,000 loan to LINC Housing Corporation (LINC) for the development of the 0.88-acre site located at 1900-1940 Long Beach Boulevard (Site). A site map is attached for your reference (Exhibit A). Over the past 14 months, LINC has prepared plans and identified funding for the development of a 95-unit affordable rental housing project on the Site, which LINC has named The Spark at Midtown. The LBCIC approved the aforementioned Agreement and loan for the project on October 18, 2017. The Planning Commission approved project entitlements on October 19, 2017. LINC is now assembling the remaining financing for the project, which includes Affordable Housing and Sustainable Communities Program (AHSC Program) funds available from the California Strategic Growth Council and the Department of Housing and Community Development.
Funding for the AHSC Program is provided from the Greenhouse Gas Reduction Fund, an account established to receive Cap-and-Trade auction proceeds. Its primary objective is to reduce greenhouse gas (GHG) emissions by supporting more compact, infill development patterns, encouraging active transportation and transit usage, and protecting agricultural land from sprawl development. The AHSC Program seeks to accomplish these objectives by providing financia...
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