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Date Adopted:
Date Approved:
Effective Date:
City Attorney Approval: ______ Resolution No.
____________
RESOLUTION NO. ____________
A RESOLUTION OF THE COUNCIL OF THE CITY OF
FRESNO, CA LIFORNIA, SUPPORTING FCTC FAMI LY,
LP’S SUBMISSION OF A LOW-INCOME HOUSING TAX
CREDIT APPLICATION F OR THE CONSTRUCTION OF
AFFORDABLE HOUSING A T 200 N. SALMA AND
EXPRESSING THE CITY’ S INTENT TO CONTRIBU TE
TO THE PROJECT IN AN AMOUNT NOT TO EXCEE D
$6,180,000 UPON FULL AWARD OF TAX CREDIT
FUNDING FOR THE PROJECT
WHEREAS, FCTC Family, LP (Developer) desires to apply for Low -Income Housing Tax Credits (LIHTC) to develop and construct 120 units, located at 200 N.
Salma in Fresno, California (Project); and
WHEREAS, Developer intends to file a LIHTC application on or before the March 2022 deadline; and
WHEREAS, one of the key scoring criteria for the LIHTC application is the applicant’s ability to locate and leverage affordable housing resources; and WHEREAS, the City of Fresno (City) will not be an applicant or co -applicant with Developer’s LIHTC application for the Project, but is supportive of the Project; and WHEREAS, the City released a Notice of Funding Availability (NOFA) for HOME Investment Partnership s Program (HOME) and Permanent Local Housing Allocation (PLHA) funds on June 14, 2021, whereby the City r eceived 11 responses by the NOFA deadline on July 16, 2021, including a response from Developer, and WHEREAS, the City is recommending Developer and four other applicants for HOME or PLHA funding as a result of the City’s NOFA; and
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WHEREAS, the City will appropriate an amount not to exceed Six Million One Hundred Eighty Thousand Dollars ($6,180,000) in order to assist Developer’s ability to obtain and leverage funding for the Project; and
WHEREAS, the City and Developer, in compliance with The California Tax Credit Allocation Committee (TCAC) regulation 10325(f)(8) intend to enter into one or more Funding Agreements in a total amount not to exceed Six Million One Hundred Eighty Thousand Dollars ($6,180,000) upon award of Developer’s full LIH TC allocation and a showing that the Project is fully funded; and
WHEREAS, the City’s commitment shall terminate if Developer ’s Project is not awarded its full LIHTC allocation during the March 2022 TCAC funding round.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Fresno as follows:
1. The Council authorizes and supports Developer’s LIHTC application for the Project.
2. The Council has adopted a resolution to fund the Project in an amount not to exceed Six Million One Hundred Eighty Thousand Dollars ($6,180,000) . This commitment is subject to the full allocation of Tax Credits by TCAC to the Project and City’s execution and recordation of one or more funding agreement s, which shall be provided by City, consistent with the following terms and conditions:
a. The terms of affordability for the units shall be no less than 55 years
b. The loan shall be a residual receipts loan
c. The loan shall have an interest of 3% annually
d. The loan shall be for a term of 55 years
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e. The Project shall undergo and successfully pass underwriting f. The Developer will ensure the appropriate number of affordable units depending on the funding source.
3. The City’s commitment shall terminate if Developer’s Project is not awarded its full LIHTC allocation during the March 2022 TCAC funding round.
3.4. This resolution is subject to all applicable City rules and regulations.
4. This resolution shall be effective upon final approval.
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STATE OF CALIFORNIA )
COUNTY OF FRESNO ) ss.
CITY OF FRESNO )
I, TODD STERMER, City Clerk of the City of Fresno, certify that the foregoing resolution was adopted by the Council of the City of Fresno, at a regular meeting held on the day of , 2022.
AYES :
NOES :
ABSENT :
ABSTAIN :
Mayor Approval: , 2022
Mayor Approval/No Return: , 2022
Mayor Veto: , 2022
Council Override Vote: , 2022
TODD STERMER, CMC
City Clerk
BY:
Deputy
APPROVED AS TO FORM:
DOUGLAS T. SLOAN
City Attorney
BY:
Tracy N. Parvanian Date
Senior Deputy City Attorney