Form Rev 9/30/2025
HA RESOLUTION NO. __________
RESOLUTION OF THE CHULA VISTA HOUSING
AUTHORITY APPROVING A LOAN TO EDEN HOUSING,
INC., OR AN AFFILIATED ENTITY, TO ASSIST IN THE
CONSTRUCTION OF A 101-UNIT AFFORDABLE HOUSING
DEVELOPMENT TO BE LOCATED AT 750 E 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 authorize and direct the Chula Vi sta 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 has 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 Resolut ion 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 submittal by Eden Housing, Inc. (“Eden”) for a rental housing development consisting of 100 affordable units and one manager’s unit, to be located at 750 E Street, was found to be responsive to the selection criteria and meet all requirements for funding.
NOW, THEREFORE, BE IT RESOLVED by the Chula Vista Housing Authority, that it does hereby authorize a loan from its Housing Fund to Eden, 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 installments 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 Resolution No.
Attorney in his capacity as the Housing Authority’s Legal Counsel, and at minimum, subject to the following terms and conditions:
1. The Housing Authority shall not disburse loan funds until Eden has secured land use approvals and all necessary financing for the construction of the Project and taken all other steps necessary to carry out the close of financing.
2. The funding commitment shall be valid for a period of two (2) years from the date of this resolution, with one optional extension period of one (1) year at the sole discretion of the Director (the Commitment Term). The commitment shall expire if the Project has not secured all ot her 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.
3. 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.
4. The term of the loan and regulatory agreement shall be fifty-five (55) years.
5. Eden, 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