Exhibit “A”
HOME Resolution
for
Sarah's Court Phase
II
RESOLUTION NO. -----
A RESOLUTION OF THE COUNCIL OF THE CITY OF
FRESNO, CALIFORNIA, TO SUPPORT FCTC FAMILY 11,
LP'S, LOW-INCOME HOUSING TAX CREDIT APPLICATION
FOR THE DEVELOPMENT OF SARAH'S COURT PHASE II;
AND TO PROVIDE A CONDITIONAL COMMITMENT OF
HOME INVESTMENT PARTNERSHIPS PROGRAM LOAN
FUNDS IN AN AMOUNT NOT TO EXCEED $3 MILLION TO
THE PROJECT
WHEREAS, FCTC Family 11, LP, a California limited partnership is proposing to develop Sarah's Court Phase II, a 120-unit affordable rental housing complex to be located at 200 N. Salma Avenue, Fresno, California 93727 (Project); and WHEREAS, FCTC Family II, LP intends to submit a 2025 Low-Income Housing Tax Credits (LIHTC) application to the California Tax Credit Allocation Committee (CTCAC) for 4% LIHTC to help fund the Project (2025 LIHTC Application); and WHEREAS, the City of Fresno (City) is supportive of FCTC Family 11, LP's 2025 LIHTC Application; and
WHEREAS, the LIHTC tiebreaker for a potential award of tax credits is FCTC Family II, LP's secured commitment of a public subsidy in the form of debt to the Project; and
WHEREAS, upon issuance of CTCAC Reservation Letter to FCTC Family II, LP, as evidence of 4% LIHTC funding for the Project, and evidence that the Project is fully funded, the City and FCTC Family 11, LP shall execute an enforceable financing commitment for HOME Investment Partnerships Program (HOME) funding in an amount not to exceed $3 million; and
WHEREAS, the City's conditional commitment of up to $3 million in HOME funding 1 of 3
Date Adopted:
Date Approved:
Effective Date: �City Attorney Approval: � Resolution No. ----