RESOLUTION NO.
RESOLUTION AUTHORIZING THE EXPENDITURE OF $1,450,000 PLUS ADMINISTRATIVE COSTS FROM THE AFFORDABLE HOUSING IN-LIEU FEE FUND (FUND #243) FOR THREE 100%
AFFORDABLE HOUSING PROJECTS IN FULFILLMENT OF THE AFFORDABLE HOUSING TRUST FUND 2023 NOFA, AND AUTHORIZING THE CITY MANAGER TO EXECUTE ALL DOCUMENTS
INCIDENT TO THE FUNDING
WHEREAS, on January 21, 2020, the City Council adopted Resolution No. 14760, establishing Guidelines for the Administration of the Affordable Housing Trust Fund; and WHEREAS, on April 10, 2023, the City issued a Notice of Funding Availability (NOFA) for one million four-hundred thousand dollars ($1,400,000) of funding from the Housing In-Lieu Fee Fund to support affordable housing, with an application deadline of May 15, 2023 by 5:00pm; and WHEREAS, the NOFA allows the City Council to issue loans in excess of the published available funding amount; and
WHEREAS, the City received three responses to the NOFA totaling $2.6 million in funding requests; and
WHEREAS, applications were reviewed using the evaluation criteria listed in Section 5 of the Guidelines for the Administration of the Affordable Housing Trust Fund; and WHEREAS, based upon this evaluation criteria and the needs for local support for the development of affordable housing, a funding recommendation has been developed that exceeds the amount of funds published in the NOFA; and
WHEREAS, the City has sufficient funds in the Housing In-Lieu Fee Fund #243 to issue the loans included in the recommendation and the funding recommendation meets the criteria for use of the funds.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of San Rafael does as follows:
Section 1. The City Council authorizes the following affordable housing expenditures from the Housing In-Lieu Fee Fund, subject to City requirements for issuing loans for affordable housing:
i. $200,000 grant from the Housing In-Lieu Fee Fund (#243) for the Canal Alliance for renovation of four existing units at 161 and 165 Novato St. The project will continue to be restricted at 50% and 60% of Marin County Area Median Income set by the United States Department of Housing and Urban Development (HUD AMI) as published by the Marin Housing Authority. ii. $1,000,000 loan from the Housing In-Lieu Fee Fund (#243) for BRIDGE Housing for rehabilitation of 125 units of low-income housing at 101 and 119 Nova Albion Way and 845 and 865 Las Gallinas Ave. The project will be restricted at 80% of Area Median Income, however affordability in the project will be achieved over time through attrition as current tenant households move and are replaced by households earning at or below 80% of AMI. At the time of construction loan closing, the project shall qualify for the loan if the average in-place tenant
household income is at or below 80% AMI. Upon vacancy, units shall be income restricted to individuals and households earning at or below 80% AMI. iii. $250,000 grant from the Housing In-Lieu Fee Fund (#243) for the redesign of the Eden Housing adaptive reuse project at 3301 Kerner Boulevard to address its location in a floodplain, including raising the finished floor of the first-floor residential units. The project will provide 40 units of permanent supportive housing for homeless or formerly homeless households with mental illness, at rents affordable to very low-income households.
Section 2. For the BRIDGE Housing project, the City Council authorizes the funding to be issued in the form of a residual receipts loan at a simple interest rate of three percent (3%, simple) during predevelopment, and construction or rehabilitation for new construction, adaptive reuse or acquisition/rehabilitation projects. The loan principal shall be used to cover the City’s legal costs associated with processing all documents incident to the agreement, which are estimated to be approximately $5,000. The predevelopment and construction phases may last up to 24 months and can be extended with prior authorization in writing from the City. When construction or rehabilitation is completed the interest rate for loans shall convert to between simple one-and-one-half percent (1.5%, simple) and simple three percent (3.0%, simple) depending on the needs of the financing structure in the project for the duration of the affordability term. Interest accrued during the pre-development and construction phases shall be rolled into the principal loan balance at conversion to permanent financing.
The conversion date for acquisition/rehabilitation projects is the date when all completed rehabilitation work has been approved by the City. The affordability term shall last for 55 years following the date of conversion. If excess funds remain at project completion those funds shall be used to pay down the City loan. The City may waive its right upon request from the sponsor to use the funds to pay down other debt in the project.
Section 3. The City Council authorizes the City Manager to execute all documents and agreements incident to the affordable housing fund expenditures authorized in this Resolution, in a form to be approved by the City Attorney.
I, LINDSAY LARA, Clerk of the City of San Rafael, hereby certify that the foregoing resolution was duly and regularly introduced and adopted at a regular meeting of the City Council of said City held on Monday the 17th day of July 2023, by the following vote, to wit:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
LINDSAY LARA, City Clerk
____________________________________________________________________________________
FOR CITY CLERK ONLY
Council Meeting:
Disposition:
Agenda Item No: SA 1.a
Meeting Date: July 17, 2023
SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY
AGENDA REPORT
Department: Finance Department
Prepared by: Paul Navazio, Finance Director City Manager Approval: ________ TOPIC: SUCCESSOR AGENCY QUARTERLY INVESTMENT REPORT
SUBJECT: ACCEPTANCE OF SUCCESSOR AGENCY QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING JUNE 30, 2023
RECOMMENDATION: Accept investment report for the quarter ending June 30, 2023, as presented.
BACKGROUND: Pursuant to the State of California Government Code Section 53601 and the City’s investment policy, last approved by the City Council on June 21, 2022, staff provides the governing body a quarterly report on the Successor Agency's investment activities and liquidity.
ANALYSIS: The Successor Agency checking account had a balance of $123,234 at quarter-end.
FISCAL IMPACT: No financial impact occurs by adopting the report.
RECOMENDATION: Accept investment report for the quarter ending June 30, 2023, as presented.
ATTACHMENT:
1. Successor Agency Cash & Investment Report April through June 2023.
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 2
TREASURER’S CERTIFICATION
I CERTIFY THAT ALL INVESTMENTS MADE ARE IN CONFORMANCE WITH SUCCESSOR AGENCY’S APPROVED INVESTMENT POLICY AND STATE INVESTMENT REGULATIONS. THE
SUCCESSOR AGENCY HAS SUFFICIENT LIQUIDITY TO MEET ALL OF THE OBLIGATIONS
REQUIRED DURING THE NEXT SIX-MONTH PERIOD, SUBJECT TO OVERSIGHT BOARD
APPROVAL OF OBLIGATIONS AND THE SUBSQUENT TIMELY COUNTY DISBURSEMENT OF FUNDS.
Paul Navazio
Finance Director
SUCCESSOR AGENCY TO SAN RAFAEL REDEVELOPMENT AGENCY
CASH and INVESTMENTS
QUARTER ENDED 3/31/2023
PURCHASE MATURITY YIELD PURCHASE PAR MARKET Days to % OF AS ISSUER TYPE DATE DATE PRICE VALUE VALUE Maturity TOTAL OF CASH ACCOUNTS:
WESTAMERICA DD N/A N/A $ 173,496.76 $ 173,496.76 $ 173,496.76 1 100.00% 4/30/2023 WESTAMERICA DD N/A N/A $ 253,496.76 $ 253,496.76 $ 253,496.76 1 100.00% 5/31/2023 WESTAMERICA DD N/A N/A $ 123,234.31 $ 123,234.31 $ 123,234.31 1 100.00% 6/30/2023 TOTAL INVESTMENTS $ - $ - $ -
TOTAL CASH & INVESTMENTS - QUARTER-END BALANCE $ 123,234.31 $ 123,234.31 $ 123,234.31 100.00% % Portfolio held 1 year or less
100%
TYPE:
DD - Demand Deposit
T:\CITY COUNCIL AGENDA ITEMS\Agenda Item Approval Process\2023-07-17\FIN - SA Quarterly Investment Report\SA Investment Worksheet 06-30-2023.xlsx