TITLE
Recommendation to adopt resolution authorizing the submission of an application to the California State Department of Housing and Community Development for up to $30,000,000 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 Union affordable housing project proposed for development at 1401 Long Beach Boulevard. (District 1)
DISCUSSION
Skid Row Housing Trust (SRHT) owns the 1.1-acre site located at 1401 Long Beach Boulevard (Site) (Attachment A - Site Map). On March 18, 2020, the Long Beach Community Investment Company (LBCIC) approved an award of $3 million in HOME Investment Partnerships Program (HOME) funds, to SRHT for construction of the project, which SRHT has named Union. Over the past 14 months SRHT has prepared plans and identified funding for the development of a 160-unit affordable rental housing project on the Site. It is expected that project entitlements will be approved by the Planning Bureau on or before June 3, 2021. SRHT is now assembling the remaining financing for the project, which includes Affordable Housing and Sustainable Community (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 projects, 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 disadvantaged communities through in...
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