TITLE
Recommendation to adopt resolution authorizing the submission of an application to the California State Department of Housing and Community Development for up to $13,350,000 in loan and grant funds available through the Transit-Oriented Development Housing 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 affordable senior housing project proposed for development at 901-945 East Pacific Coast Highway, and related public infrastructure improvements. (District 6)
DISCUSSION
On August 13, 2019, Mercy Housing California (MHC), was selected in connection with a City of Long Beach (City) Request for Proposals (RFP) to purchase and develop the City-owned property at 925-945 East Pacific Coast Highway (Property). MHC subsequently entered into a Purchase and Sale Agreement with the City for the Property, and in January 2020 MHC purchased an adjacent property at 901-917 East Pacific Coast Highway. The combined properties comprise the proposed 31,590-square-foot development site (Site). A site map is attached for your reference (Attachment A). Over the past 10 months, MHC has prepared plans and identified funding for the development of a 68-unit senior affordable rental housing project on the Site. The Long Beach Community Investment Company (LBCIC) awarded $3,000,000 in financial support to the project on March 18, 2020. It is anticipated that MHC will receive project entitlements by the end of 2020. MHC is now assembling the remaining financing for the project, which includes Transit-Oriented Development Housing Program (TOD Program) funds available from the California State Department of Housing and Community Development.
The TOD Program is funded by Proposition 1, the Veterans and Affordable Housing Bond Act of 2018. Its primary objectives are to increase the overall supply of housing, increase the supply of affordable housing, increase pub...
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