CITY OF FAIRFIELD
RESOLUTION NO. 2026-172
APPROVING THE SECOND AMENDMENT TO THE DEVELOPMENT LOAN AGREEMENT WITH 212 E. TABOR FAIRFIELD EAH, LLC, INCREASING AFFORDABLE HOUSING FEE CREDITS BY $800,000,
AND AMENDING HOME AND LOCAL HOUSING TRUST FUND ALLOCATIONS FOR THE TABOR
COMMONS AFFORDABLE HOUSING PROJECT
WHEREAS, the City of Fairfield (City) is committed to increasing the supply of affordable housing and implementing the goals and policies of the City's Housing Element; and
WHEREAS, 212 E. Tabor Fairfield EAH, LLC (Developer), an affiliate of EAH Housing, proposes to develop Tabor Commons, a 67-unit affordable multifamily housing development consisting of 66 affordable rental units and one unrestricted manager's unit located at 212 E . Tabor Avenue in Fairfield, California; and
WHEREAS, on May 5, 2026, the City Council approved the first amendment to the Development Loan Agreement providing financial assistance for the Tabor Commons project, including a total loan commitment of $2,000,000, comprised of HOME Investment Partnerships Program (HOME) funds and Local Housing Trust Fund (LHTF) funds; and
WHEREAS, the Developer has submitted updated financing information demonstrating that additional local financial commitments are necessary to improve the competitiveness of the Project's applications for State financing, including the California Tax Credit Allocation Committee (TCAC), California Debt Limit Allocation Committee (CDLAC), and the California Department of Housing and Community Development's Multifamily Housing Program (MHP); and
WHEREAS, the Developer has requested that the City amend the Development Loan Agreement to:
1. Increase the HOME Program loan allocation from $850,000 to $957,500;
2. Decrease the Local Housing Trust Fund loan allocation from $1,150,000 to $1,042,500; and
3. Increase affordable housing fee bank credits from $1,000,000 to $1,800,000; and
WHEREAS, the proposed amendment does not increase the City's previously approved loan commitment of $2,000,000, but reallocate s the funding sources supporting that commitment; and
WHEREAS, the City finds that increasing the affordable housing fee bank credits and revising the allocation of existing City loan funds will strengthen the Project's financial feasibility, leverage additional State and federal funding, and advance the City's affordable housing objectives.
RES. NO. 2026-172
NOW, THEREFORE, THE COUNCIL OF THE CITY OF FAIRFIELD HEREBY RESOLVES:
Section 1. The city manager, or his designee (Authorized Officer) is authorized to set aside and direct an additional $800,000 from the Affordable Housing Fee Credit Bank commitment of up to $1,800,000, subject to the terms and conditions of the Development Loan Agreement and applicable City policies.
Section 2. The City Council approves reallocating the City's existing $2,000,000 loan commitment as follows:
HOME Program Funds: $957,500
Local Housing Trust Fund: $1,042,500
Section 3. The city manager, or designee, is authorized to execute the Second Amendment to the Development Loan Agreement and any related agreements, amendments, certificates, or documents necessary to implement the intent of this Resolution.
PASSED AND ADOPTED this 4th day of August 2026, by the following vote:
AYES: MEMBERS: VACCARO/BERTANI/CARR/PANDURO/SANDHU/TONNESEN/WILLIAMS NOES: MEMBERS: _________________________________________________ ABSENT: MEMBERS: _________________________________________________ ABSTAIN: MEMBERS: _________________________________________________
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MAYOR
ATTEST:
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CITY CLERK