Housing Successor Agency Funding Agreement
for Sun Rose, LLC
Cristina Gonzalez, Community Development Analyst
Community Development Department
November 30, 2022
Background
Developer/Owner - Interim, Inc.
439 Soledad Street – formerly known as Soledad House
11-units, 100% affordable, very low and low income
Permanent supportive housing: nine studio and 1-bedroom units Transitional housing: dedicated floor for 8 individuals Chronically homeless with psychiatric disabilities
MCHOME supported programming
On-site resident manager
Project Funding
Past/Current:
FY 2000 for Soledad House: HOME and Redevelopment Funds FY 2020-21: $500,000 CDBG
County/State: HHAP ,HCD No Place Like Home, Whole Person Care Need:
$800,000 - rising construction costs
Proposed:
Application submitted for FY 21-22 NOFA
$500,000 Housing Successor Agency funds
0% interest loan, 55-year affordability period
Aggressive fundraising underway
Housing Successor Agency Funds
Allowable uses:
(1) housing development for
low- and moderate-income
residents
(2) homeless prevention and
rapid re-housing
Next Steps
City Council: December 6, 2022
Execute HSA Loan Agreement
Projected completion: December 2022
Occupancy: January 2023
Recommendation
Motion to concur with staff’s recommendation to execute an HSA Loan Agreement with Sun Rose Housing, LLC in the amount of $500,000 and move the item forward to City Council for consideration and action on December 6, 2022.
Questions & Comments