TITLE
Recommendation to adopt resolution authorizing the submission of an application to the California State Department of Housing and Community Development for up to $17,723,734 in loan and grant funds available through the Affordable Housing and Sustainable Communities Program, and authorize City Manager to execute all documents and agreements necessary to apply for and utilize these funds for the construction of the Beacon Point affordable housing project proposed for development at 1201-1235 Long Beach Boulevard. (District 1)
DISCUSSION
Century Housing Corporation (Century) owns the vacant 1.6-acre site located at 1201-1235 Long Beach Boulevard (Site), which it purchased with a combination of its own funds and a $2,276,000 loan from The Long Beach Community Investment Company (LBCIC). The Site is adjacent to the Senior Arts Colony (Exhibit A - Site Map). Over the past 18 months, Century has prepared plans and identified funding for the development of a 160-unit affordable rental housing project on the Site, which Century has named Beacon Point. The LBCIC approved a loan of up to $12,276,000 (including the existing loan) for the project on November 8, 2015. The Planning Commission approved project entitlements on April 7, 2016. Century is now assembling the remaining financing for the project, which includes Low-Income Housing Tax Credits, and Affordable Housing and Sustainable Communities Program (AHSC Program) funds available from the California Department of Housing and Community Development (HCD).
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 finan...
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