AUTHORIZATION TO ENTER INTO A FUNDING AGREEMENT WITH THE HOUSING AUTHORITY OF THE COUNTY OF MONTEREY TO SUPPORT THE ACQUISITION OF 1030 FAIRVIEW AVE.
Monica Flores-Ponce, Community Development Analyst
Community Development Department
November 5, 2024
Background
1030 Fairview Avenue
# of Bedrooms
Units
Manager Unit
1 0 (studio)
44 Total
45 1030 Fairview Ave, Salinas, CA 93905
Collaboration between:
City of Salinas: +/- $2,500,000
County of Monterey – Behavioral Health +/- $2,500,000
Housing Authority of the County of Monterey
Other one time contributions –grant funds
Permanent Local Housing Allocation (PLHA) - Year 2
Current PLHA Allocation
Proposed PLHA Allocation
Activity Description
Program
2020 (2nd Year)
2020 (2nd Year)
Activity #6 Homeless Services Assistance
180 S. Sanborn Rd.
$1,014,000
$0
1030 Fairview Ave.
$220,000
$1,330,263
Unencumbered
$96,263
$0
Total
$1,330,263
$1,330,263
Prohousing Incentive Program (PIP)
Current PIP Allocation
Proposed PIP Allocation
Activity Description
Amount
Project
Amount
Project
Administration
$82,500
Administration
$82,500
Administration
Multifamily Affordable Housing
$500,000
467/479 E. Market St.
$1,169,737
1030 Fairview Ave.
$567,500
Unencumbered
$397,763
Unencumbered
First Time Homebuyer Program
$500,000
Unencumbered
$0
No Funds Available
Total
$1,650,000
$1,650,000
Proposed Funding Allocation
Proposed Allocation of Funds for 1030 Fairview Ave
Funding Source
Amount
Permanent Local Housing Allocation (PLHA)
+/- $1,330,263
Prohousing Incentive Program (PIP)
+/- $1,169,737
Total
+/- $2,500,000
Recommended Motion
Motion recommending City Council approve a Resolution authorizing the allocation of up to $2.5 Million from Permanent Local Housing Allocation (PLHA) and Prohousing Incentive Program (PIP) funds to support HACM’s proposed acquisition of the 1030 Fairview Avenue Homekey Property.
Questions & Comments