Form Rev 9/30/2025
HA RESOLUTION NO. __________
RESOLUTION OF THE CHULA VISTA HOUSING
AUTHORITY APPROVING A LOAN TO WAKELAND
HOUSING AND DEVELOPMENT CORPORATION, OR AN
AFFILIATED ENTITY, TO ASSIST IN THE CONSTRUCTION
OF A 68-UNIT AFFORDABLE HOUSING DEVELOPMENT TO
BE LOCATED AT 545 EAST NAPLES STREET, AND
AUTHORIZING THE DIRECTOR TO NEGOTIATE AND
EXECUTE ALL DOCUMENTS RELATED TO THE LOAN IN A
FORM APPROVED BY LEGAL COUNSEL
WHEREAS, California Health and Safety Code (HSC) Sections 33334.2, 33334.6, and 34176.1 authori ze and direct the Chula Vista Housing Authority ( “Housing Authority”), in its capacity as the Housing Successor as defined in HSC 34176, to expend funds from its Low and Moderate Income Housing Asset Fund ( “Housing Fund ”) for the purposes of increasing, improving; and preserving the community’s supply of low and moderate income housing available at an affordable rent to persons and families of low or moderate income; and
WHEREAS, the Housing Fund as accumulated an Excess Surplus, or high unencumbered Housing Fund balance, as defined and set forth in HSC 33334.12, and must commit approximately $3.0 million in Excess Surplus funds to eligible projects or activities by the end of the 2025 -26 fiscal year; and
WHEREAS, on June 10, 2025, the Housing Authority adopted HA Resolution No. 2025- 005 appropriating $3.0 million for the production of affordable housing, with projects to be selected through a competitive Notice of Funding Availability (NOFA); and
WHEREAS, the NOFA was issued on November 7, 2025, with a deadline of January 15, 2026, and two proposals were submitted for consideration; and
WHEREAS, a selection committee of City staff determined that a submittal by Wakeland Housing and Development Corporation (Wakeland) for a 68 -unit affordable project to be located at 545 East Naples Street (the Project) scored highest on a range of factors including project readiness, developer experience, and overall quality; and
WHEREAS, the Housing and Homeless Advisory Commission provided an advisory recommendation that the Housing Authority approve the loan by a vote of 3-0 at its special meeting on March 25, 2026; and
WHEREAS, Wakeland has conducted outreach to the neighboring community regarding the Project, and has received feedback requesting that the Pr oject be designed to adequately mitigate drainage and stormwater runoff concerns, privacy and lighting concerns, and concerns regarding the site’s parking configuration.
Resolution No.
NOW, THEREFORE, BE IT RESOLVED by the Chula Vista Housing Authority, that it does hereby authorize a loan from its Housing Fund to Wakeland, or an affiliated entity, in an amount not to exceed three million dollars ($3,000,000) for the construction of the Project, to be secured against the property and repaid from cash surplus in annual in stallments subject to the conditions in this Resolution.
BE IT FURTHER RESOLVED by the Chula Vista Housing Authority, that it authorizes the Director to negotiate and execute a loan agreement, regulatory agreement, and all associated loan documents, and to carry out all other actions necessary for the development of the Project, consistent with the Housing Authority’s standard documents , in the form approved by the City Attorney in his capacity as the Housing Authority’s Legal Counsel, and at minimum, subject to the following terms and conditions:
1. Prior to grading and building permit issuance, the Director of Development Services , in consultation with the Building Official and the Civil Engineer supervising the Land Development Division, shall advise t he Housing Authority Director of the efforts to mitigate privacy, parking, lighting, line of sight, drainage, and stormwater runoff concerns for residential properties abutting the Project. The Housing Authority Director’s written confirmation that the mitigation is satisfactory shall be required prior to the disbursement of loan funds.
2. The Housing Authority shall not disburse loan funds until Wakeland has secured all other necessary financing for the construction of the Project and taken all other steps necessary to carry out the close of financing.
3. The funding commitment shall be valid for a period of two years from the date of this resolution, with one optional extension period of one year at the sole discretion of the Director (the Commitment Term). The commitment shall expire if the Project has not secured all other necessary financing and taken all other steps necessary to commence construction by the end of the Commitment Term, unless further extended with the approval of the City Council.
4. The loan shall be evidenced by a promissory note in favor of the Housing Authority, secured by a deed of trust recorded against the property.
5. The term of the loan and regulatory agreement shall be fifty-five (55) years.
6. Wakeland, or its affiliate or approved successors in interest, shall operate the Project consistent with a regulatory agreement to be recorded against the Project and running with the land, along with any other covenants imposed by other Project lenders.
Resolution No.
Presented by Approved as to form by
Stacey Kurz Marco A. Verdugo
Director of Housing and Homeless Services Legal Counsel