Form Rev 9/30/2025
HA RESOLUTION NO. __________
RESOLUTION OF THE CHULA VISTA HOUSING
AUTHORITY AMENDING HA RESOLUTION NO. 2024-005 TO
EXTEND THE DEADLINE FOR CONSTRUCTION START ON
AN AFFORDABLE HOUSING PROJECT TO BE LOCATED AT
610 PASEO DEL REY
WHEREAS, on June 11, 2024, the Chula Vista Housing Authority (“Housing Authority”) adopted HA Resolution No. 2024-005 committing a loan of up to $700,000 in Low and Moderate Income Housing Asset Fund ( “Low-Mod”) funds to a 96 -unit affordable housing project to be located at 610 Paseo Del Rey (the “Project”), to be developed by Wakeland Housing and Development Corporation (“Wakeland”); and
WHEREAS, to begin construction, the Project must obtain major additional financing from public sources, including an allocation of Low Income Housing Tax Credits (“Tax Credits”) from the California Tax Credit Allocation Committee (“CTCAC”); and
WHEREAS, HA Resolution No. 2024-005 states that the Housing Authority’s funding commitment shall expire on June 11, 2026 , if the Project has not secured all necessary commitments of financing and undertaken the necessary steps to commence construction; and
WHEREAS, Wakeland has taken significant steps to complete its financing and prepare for construction, including obtaining environmental approvals pursuant to the National Environmental Policy Act ( “NEPA”), and submitting a building permit application, currently under review by the City, but was not successful in its 2025 application for Tax Credits and is therefore not able to meet the deadline of June 11, 2026, for being ready to commence construction as specified by HA Resolution No. 2024-005; and
WHEREAS, Wakeland is preparing to reapply for an allocation of Tax Credits this spring and anticipates being able to commence construction within the next year; and
WHEREAS, the Housing Authority still supports construction of the Project, which will include homes for 48 households exiting homelessness, including 25 homes set aside for homeless veterans.
NOW, THEREFORE, BE IT RESOLVED by the Chula Vista Housing Authority , that Section 3 of HA Resolution No. 2024-005 is hereby deleted in its entirety and replaced with the following:
3. The Housing Authority shall not disburse loan funds until Wakeland has secured all other necessary financing for the construction of the Project. The Housing Authority’s funding commitment shall expire on March 17, 2028, if the Project has not secured all necessary commitments of financing and undertaken the necessary steps to commence construction.
Resolution No.
BE IT FURTHER RESOLVED by the Chula Vista Housing Authority , that all other provisions of HA Resolution No. 2024-005 shall remain in full force and effect.
Presented by Approved as to form by
Stacey Kurz Marco A. Verdugo
Director of Housing and Homeless Services Authority Legal Counsel