RESOLUTION NO. -----
A RESOLUTION OF THE COUNCIL OF THE CITY OF
FRESNO, CALIFORNIA, IN SUPPORT OF A
CONTRIBUTION OF CITY FUNDS IN AN AMOUNT NOT TO
EXCEED $5,000,000 FOR ELIGIBLE EXPENSES
ASSOCIATED WITH THE AFFORDABLE HOUSING
DEVELOPMENT PROJECT LOCATED ON VENTURA
BETWEEN SEVENTH AND EIGHTH STREET.
WHEREAS, Corporation for Better Housing, a California nonprofit public benefit corporation (D·eveloper) is proposing to develop three parcels on Ventura Street between Seventh Street and Eighth Street (Property) into an affordable housing development with up to 54 units of affordable housing (Project); and
WHEREAS, the City of Fresno (City) has significant interest in encouraging Developer to develop the Project on the Property; and
WHEREAS, Council recognizes that the development of permanent affordable housing on the Property will assist in addressing the City's homelessness and housing crisis; and
WHEREAS, Developer intends to submit a pre-application to Rural Housing Services, United States Department of Agriculture (USDA) for Section 514 Off-Farm Labor Housing Loans and Section 516 Off-Farm Labor Housing Grants for New Construction for Fiscal Year 2024 funding (Application); and WHEREAS, the City is supportive of Developer's Application; and WHEREAS, the City intends to provide a conditional commitment of City funds to the to the Project in the amount not to exceed $5,000,000 for eligible construction costs associated with the Project; and
Date Adopted:
Date Approved:
Effective Date: ...k\ 0City Attorney Approval: �
1 of 5
Resolution No.