HomeMy WebLinkAboutReso 46-20 HASLO Fee Deferral 405 Atascadero RdRESOLUTION NO. 46-20
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
AUTHORIZING A $150 000 LOAN OF CITY AFFORDABLE HOUSING
IN -LIEU FUNDS AND A $350 000 DEFERRED FEE LOAN TO PROVIDE FINANCIAL
ASSISTANCE TO 405 ATASCADERO, AN AFFORDABLE APARTMENT PROJECT
PROVIDING LOW INCOME HOUSING UNDER THE LOW INCOME HOUSING TAX
CREDIT PROGRAM
THE CITY COUNCIL
City of Morro Bay, California
WHEREAS, the proposed affordable apartments, sponsored by Housing
Authority of San Luis Obispo (HASLO) located at 405 Atascadero Road in the City of
Morro Bay, is proposed as a 35-unit affordable rental development; and
WHEREAS HASLO expects to apply for an allocation of funding in the July 1,
2020 funding round for Federal and State Low -Income Housing Tax Credit Program,
which is a funding program for affordable housing; and
WHEREAS, HASLO made a request to the City on May 22, 2020, for a loan in
the amount of $150,000 from the Affordable Housing In -Lieu Funds and a $350,000
deferred permit fee loan to assist with financing the proposed project; and
WHEREAS the City identified affordable housing for families as a goal in the
adopted 2014 — 2019 Housing Element as well as in the draft 2020-2028 Housing
Element, which will be adopted before the end of the year 2020; and
WHEREAS, Per the Inclusionary Housing Program in the 2014 — 2019 Adopted
Housing Element the intent of the Housing In Lieu fund is to assist in the construction of
housing for rent or sale to very low, low and moderate income families; and
WHEREAS, the City Council has duly considered all evidence, including the
testimony of the applicant, interested parties, and the evaluation and recommendations
by staff, presented at its meeting on June 23, 2020.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Morro
Bay order, grants, and authorizes, as follows:
1. A funding allocation of $150,000 from the City's Affordable Housing In -Lieu fund
be granted in the form of a long term loan, and a deferred permit fee loan in the
amount of $350,000 be approved, for total funding assistance to HASLO in the
amount of $500,000, subject to timely and final City approval (as needed) of
01181.0001/255836.1
City Council Resolution #46-20
HASLO PROJECT— Financial Assistance
405 Atascadero Road
Page 2
underlying actions and conditions of approval for the subject projects, which were
approved by Planning Commission prior to date of this resolution.
2. The City Council of the City of Morro Bay authorizes the City Manager or his
designee to execute the required documents necessary for the federal Low -
Income Housing Tax Credits (LIHTC) funding application, including the
agreement between the City and HASLO to memorialize the subject loans,
subject to timely and final City approval (as needed) of underlying actions and
conditions of approval for the subject projects, which were approved by Planning
Commission prior to date of this resolution.
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a regular
meeting thereof held on this 23rd day of June 2020 on the following vote:
AYES Headding, Addis, Davis, Heller, McPherson
NOES° None
ABSENT: None
Y
JOH E'DDING ayor
ATTEST
A A SWANSON, City Clerk
01181.0001/255836.1