HomeMy WebLinkAboutReso 10-24 Loan Funds for 405 AtascaderoRESOLUTION NO. 10-24
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
AUTHORIZING A $25,000 LOAN OF CITY AFFORDABLE HOUSING
IN -LIEU FUNDS TO PROVIDE FINANCIAL ASSISTANCE TO THE HASLO 405
ATASCADERO ROAD PROJECT, AN AFFORDABLE APARTMENT PROJECT
PROVIDING LOW INCOME HOUSING
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 has experienced delays in construction associated with the
availability of electric switch gear which has resulted in delayed project occupancy
resulting in a project funding shortfall of $129,729; and
WHEREAS City adopted Resolution No. 46-20 approving a previous HASLO
request for loan assistance in the amount of $150,000 from the Affordable Housing In -
Lieu Funds and a $350,000 deferred fee loan to assist with financing the proposed project;
and
WHEREAS HASLO is requesting an
funding to partially offset project funding
commitment to $525,000 for the project; and
additional $25,000 in Housing In lieu Fee
shortfalls, bringing the total City funding
WHEREAS the City identified affordable housing for families as a goal in the in the
adopted 2020-2028 Housing Element; and
WHEREAS, Per the Inclusionary Housing Program in the 2020-2028 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 February 13, 2024.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Morro Bay
grants, as follows:
1. A funding allocation of $25,000 from the City's Affordable Housing In -Lieu fund be
granted in the form of a long term loan.
01181.0001/255836.1
City Council Resolution #10-24
HASLO PROJECT— Financial Assistance
405 Atascadero Road
Page 2
2. The City Council of the City of Morro Bay authorizes the City Manager or her
designee to execute the required documents including the agreement between the
City and HASLO to memorialize and provide for the subject loan consitent with
terms approved by the City Manager and the Finance Director.
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a regular
meeting thereof held on this 13th day of February 2024 on the following vote:
AYES:
Wixom, Barton, Edwards, Ford, Landrum
NOES:
None
ABSENT:
None
ABSTAIN:
None
RECUSE:
None —
CARLA WIXOM, Mayor
ATTEST
DMIA SWANSON, City Clerk
01181.0001/255836.1