ARPA GRANT FUNDING AGREEMENT WITH EDEN HOUSING, INC. FOR A PROPOSED 100% AFFORDABLE MULTIFAMILY RENTAL HOUSING PROJECT AT 855 EAST LAUREL DRIVEMarch 14, 2023
HOUSING AND LAND USE COMMITTEE
Presented by: Luis Ochoa, Sr. Community Development Analyst
Background
Memorandum of Understanding
construction and operation
permanent homeless shelter
permanent supportive and transitional housing project
Projects
SHARE Center
100% Affordable Multifamily Rental Housing Project
Background
Project’s Specs
Phases I & II
132 Units
50% 2-BR
25% 1-BR
25% 3-BR
Project under 5 acres
Exempted under CEQA
Ground Lease – 99 Years
Pre-Development Timeline
Task
Start Date
End Date
Due Diligence
February 2023
April 2023
Community Outreach
April 2023
July 2023
Preliminary Design
February 2023
April 2023
Schematic Design
July 2023
September 23
Zoning + Environmental Approvals
April 2023
July 2024
Design Development + Contract Documents
August 2025
July 2026
Soft Debt Financing Applications
July 2024
July 2025
Tax Credit Application
February 2026
July 2026
Construction Loan Closing (First Phase)
July 2026
January 2027
Pre-development Budget
Funding Entity
Funding Source
Funding Amount
City of Salinas
ARPA*
$500,000
County of Monterey (Fee Waiver)
TBD
$26,024
Eden Housing Inc. (Line of Credit)
Bank/Financial Entity
$1,717,509
Total
$2,243,533
*ARPA funds are anticipated to cover the cost of the following scope of work: architectural design, landscape architecture, engineering, and environmental consulting and technical studies.
ARPA FundingAffordable Housing Production Fund
Funding Entity
Project Address
Funding Amount
City of Salinas
403 E. Romie Ln
$1,454,755
City of Salinas
855 E. Laurel Drive
$ 500,000
Total Funds Awarded
$ 1,954,755
Total Affordable Housing Production Fund
$ 7,000,000
Affordable Housing Production Funds Awarded
$ 1,954,755
Total Funds Remaining
$5,045,245
Discussion
Recommendation
Questions & Comments