TITLE
Recommendation to adopt resolution authorizing the submission of an application to the California State Department of Housing and Community Development for up to $18,000,000 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 Las Ventanas affordable housing project proposed for development at 1795 Long Beach Boulevard.
(District 1)
DISCUSSION
AMCAL Multi-Housing, Inc. (AMCAL), owns the one-acre site located at 1795 Long Beach Boulevard (Site), which it purchased with a $3,750,000 loan from The Long Beach Community Investment Company (LBCIC). A site map is attached for your reference (Exhibit A). Over the past 18 months, AMCAL has prepared plans and identified funding for the development of a 102-unit affordable rental housing project on the Site, which AMCAL has named Las Ventanas. The LBCIC approved the aforementioned acquisition loan for the project on May 25, 2017. The Planning Commission approved project entitlements on December 7, 2017. AMCAL 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 financial assistance to projects that will achieve GHG emission reductions and benefit disadvant...
Click here for full text