HAYWARD CITY COUNCIL RESOLUTION NO. 22-
Introduced by Council Member
RESOLUTION AMENDING RESOLUTION 22-087 AND RESTATING THE AUTHORIZATION OF THE CITY MANAGER TO: 1) APPLY FOR AN AWARD FROM THE CALIFORNIA HOUSING ACCELERATOR LIMITED ACCELERATOR PROJECT GAP FUNDING PROGRAM FROM THE CALIFORNIA STATE DEPARTMENT OF HOUSING AND COMMUNITY; 2) ENTER INTO A STANDARD AGREEMENT WITH THE CALIFORNIA STATE DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT FOR THE CALIFORNIA HOUSING ACCELERATOR LIMITED ACCELERATOR PROJECT GAP FUNDING PROGRAM; AND 3) ACCEPT AN AMOUNT NOT TO EXCEED $51 MILLION TO SUPPORT THE PIMENTEL PLACE DEVELOPMENT FOR 57 UNITS OF AFFORDABLE HOUSING WHEREAS, the California Department of Housing and Community Development ("Department"), as authorized by Chapter 6.6 (commencing with Section 50672) of Part 2 of Division 31 of the Health and Safety Code, has issued a Project Solicitation and Guidelines, dated February 28, 2022, amended May 5, 2022, amended August 31, 2022, and October 20, 2022 Memorandum, under its California Housing Accelerator Limited Accelerator Project Gap Funding Program (“Solicitation”); and WHEREAS, City of Hayward (“Public Entity”) is authorized and directed to submit an application in response to the Solicitation (the “Application”) for Pimentel Place (“Project”); and WHEREAS, the Department requires projects applying under the Solicitation to be previously awarded Tier 1 and Tier 2 California Housing Accelerator (“CHA Program”) projects which have not yet closed on their construction loan and which cannot proceed due to funding gaps resulting from increased costs post Accelerator award; and WHEREAS, in April 2022, the Public Entity, under Resolution 22-087 was authorized to apply and accepts an amount not to exceed $50 million for the Project; and WHEREAS, in September 2022, the Department awarded the Project approximately $46,151,728 in CHA Program funding as a Tier 2 project; and WHEREAS, the Public Entity and EAH, Inc. is seeking to apply under the Solicitation to complete the gap funding for the Project which would allow for construction of the Pimentel Place Development to start; and, WHEREAS, the Department will make a conditional commitment of funds from the California Housing Accelerator Limited Accelerator Project Gap Funding Program in reliance on the representations in that Application (the “California Housing Accelerator Limited Accelerator Project Gap Funding Loan”).
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Hayward hereby amends the authorized not to exceed amount contained in paragraph six of Resolution 22-087 by replacing it with an amount not to exceed $51 million, with the remainder of the paragraph to remain as is.
BE IT FURHTER RESOLVED, by the City Council of the City of Hayward, that the Public Entity is hereby authorized and directed to act in connection with the Department’s award of the California Housing Accelerator Limited Accelerator Project Gap Funding Loan; and BE IT FURTHER RESOLVED, by the City Council of the City of Hayward that the City Manager is hereby authorized and directed to submit a joint application with EAH, Inc., to the Department’s Housing Accelerator Limited Accelerator Project Gap Funding Program for an award of the California Housing Accelerator Limited Accelerator Project Gap Funding Loan to support the Pimentel Place Development of 57 units of affordable housing; and BE IT FURTHER RESOLVED, that in connection with the California Housing Accelerator Limited Accelerator Project Gap Funding Loan, the City Manager is authorized and directed to enter into, execute, and deliver a Standard Agreement in an amount not to exceed $51 million and any and all other documents required or deemed necessary or appropriate to secure the California Housing Accelerator Limited Accelerator Project Gap Funding Loan from the Department and to participate in the California Housing Accelerator Limited Accelerator Project Gap Funding Program, and all amendments thereto (collectively, the “California Housing Accelerator Loan Documents”); and BE IT FURTHER RESOLVED, that the Public Entity acknowledges and agrees that the City shall be subject to the terms and conditions specified in the Standard Agreement, and that the Solicitation and the Standard Agreement will be incorporated in the Standard Agreement by reference and made a part thereof. Any and all activities, expenditures, information, and timelines represented in the Application are enforceable through the Standard Agreement. Funds are to be used for the allowable expenditures, uses, and activities identified in the Standard Agreement; and BE IT FURTHER RESOLVED, that the City Manager is hereby authorized to execute the Application, Standard Agreement, and the California Housing Accelerator Limited Accelerator Project Gap Funding Loan Documents on behalf of the Public Entity.
IN COUNCIL, HAYWARD, CALIFORNIA , 2022 ADOPTED BY THE FOLLOWING VOTE:
AYES: COUNCIL MEMBERS: MAYOR:
NOES: COUNCIL MEMBERS: ABSTAIN: COUNCIL MEMBERS: ABSENT: COUNCIL MEMBERS:
APPROVED AS TO FORM:
ATTEST:
City Clerk of the City of Hayward
City Attorney of the City of Hayward
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