HomeMy WebLinkAboutReso 51-15RESOLUTION NO.51-15
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
AUTHORIZING A RESIDUAL RECEIPTS LOAN OF $50,000
OF CITY AFFORDABLE HOUSING IN -LIEU FUNDS
BE USED AS LOCAL MATCH TO THE CALIFORNIA
STATE TAX CREDIT ALLOCATION COMMITTEE'S (TCAC)
LOW-INCOME HOUSING TAX CREDIT ALLOCATION PROGRAM
THE CITY COUNCIL
City of Morro Bay, California
WHEREAS, Ocean View Manor Apartments located at 456 Elena Street in the City of
Morro Bay was permitted by the City in 1988 as a 40-unit affordable senior rental development;
and
WHEREAS, Peoples' Self -Help Housing Corporation (PSHHC) received federal Section
202 funding from the United States Department of Housing and Urban Development (HUD) and
recorded a deed restriction with HUD on October 1, 1989, which requires that development to
provide low- and very low-income senior housing for a period of 30 years; and
WHEREAS, the California Tax Credit Allocation Committee (TCAC) administers the
Federal and State Low -Income Housing Tax Credit Program, which is a funding program for
affordable housing; and
WHEREAS, PSHHC made a request to the City on April 23, 2015, for an allocation of
$50,000 of the City's Affordable Housing In -Lieu funds to be used as local match for a funding
application to TCAC; and
WHEREAS, the City identified affordable housing for seniors as a goal in its adopted
2014-2019 Housing Element; 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, 2015.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro Bay,
as follows:
1. A funding allocation of $50,000 from the City's Affordable Housing In -Lieu fund as a
residual receipts loan, as local match to strengthen a funding application to TCAC's Low -
'Income Housing Tax Credit Program to upgrade and renovate the Ocean View Manor
Apartments located at 456 Elena Street.
01181.0001/255936.1
City Council Resolution #51-15
Ocean View Manor Request for Affordable Housing In -Lieu
456 Elena Street
Page 2
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 TCAC funding application, including
the agreement between the City and PSHHC to memorialize the subject residual receipts
loan.
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, 2015 on the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN
Irons, Headding, Johnson, Makowetski, Smukler
None
None
None
�iE L. IRONS,* M
ATTEST:
& -alt- S0>
DANA SWANSON, City Clerk
01181.0001/255836.1