TITLE
Recommendation to approve the submission of an application to the California State Department of Housing and Community Development for up to $50,000,000 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 a proposed affordable housing project, and surrounding infrastructure and transportation improvements, at 946 Linden Avenue. (District 1)
DISCUSSION
AMCAL Multi-Housing, Inc. (AMCAL), has entered into a purchase agreement to acquire the 1.1 acre site located at 946 Linden Avenue (Site) (Attachment A). On January 4, 2022, the Long Beach Community Investment Company (LBCIC) approved an award of up to $5,000,000 in loan funds to AMCAL for the development of an affordable housing project on the Site. Over the last 14 months AMCAL has prepared design plans and identified funding for the development of a 100-unit affordable rental housing project (Project). It is expected that Project entitlements will be approved on or before March 21, 2023. AMCAL 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 (HCD). Pursuing this funding is consistent with the City of Long Beach’s (City) overall housing policy and necessary to create permanent housing for persons experiencing homelessness and to prevent others for falling into homelessness.
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 ...
Click here for full text