ADMINISTRATIVE REPORT
MEETING DATE: July 23, 2025 AGENDA CATEGORY: Consent - Agreements TO: Honorable Mayor and City Council
FROM: Jennifer M. Byers, Economic & Community Development Director DATE: July 9, 2025
SUBJECT: Amendment No. 1 to Agreement No. 2025-073 with Niles RAD, LP (removing non-applicable federal regulatory language from the loan agreement) for loan agreement to assist developer with the cost of construction new affordable housing units within the Niles Street Apartments multifamily housing development located at 7410 Niles Street. (Ward 3)
RECOMMENDATION:
Staff recommends approval of the amendment.
BACKGROUND:
On May 28, 2025, the City of Bakersfield and Niles RAD, LP (“Developer”) entered into Agreement No. 2025-073 to assist the Developer with the cost of construction of 51 new affordable housing units located at 7410 Niles Street, Bakersfield, California 93306 (“Project”).
Pursuant to the terms of Agreement No. 2025-073, the City agreed to loan the Developer a total of $1,399,260 in FY 2024-25 HOME Investment Partnership grant funding for the construction of new affordable rental housing.
This amendment is requesting the following updates:
1.) Removal of non-applicable language regarding Build America, Buy America provisions from the Developer’s Obligations section.
2.) Removal of language regarding Investor Tax Credit equity and compliance periods from the Assignment of the Agreement.
3.) Revision of the construction schedule in Exhibit B.
FISCAL IMPACT:
No fiscal impact. HOME Investment Partnerships grant funding was allocated to Niles RAD, LP on January 22, 2025, as part of the FY 2024-25 Substantial Action Plan No. 3. The Amendment is not requesting additional resources than previously approved.
COUNCIL GOAL:
Safety and Resilience
WARD: 3
ATTACHMENT:
Amendment