2022 AFFORDABLE
HOUSING LOANS PROGRAM
ALLOCATION
Stockton City Council
July 26, 2022
Agenda Item 15.5
Background
• Notice of Funding Availability (NOFA) – December 17, 2021 • Approximately $10.4 million – Affordable housing program funds.
• Seven affordable housing applications received, seven reviewed • Four multi‐family Homeless housing developments.
• Three multi‐family affordable family housing developments. • Applications were Scored/Ranked by an outside consultant firm and EDD staff.
Recommended Funding
Sonora Square Apartments
• Sponsor: Delta Community Builders Corp (DCBC) and
Housing Authority (HACSJ).
• 38‐unit multi‐family housing development targeting households with incomes at or below 60% AMI.
• $1,426,107 recommended allocation for construction costs.
Sierra Vista Phase III Apartments
• Sponsor: Housing Authority and Delta Community Builders Corp. (DCBC)
• 74‐unit multi‐family replacement housing development targeting households with incomes at or below 60% AMI.
• $2,225,858 recommended allocation for construction costs . • The project is leveraged with over $21 million of Low‐Income Housing Tax Credits, and non‐City capital funds.
Proposed Funding, continued
Casa de Mariposa
• Sponsor: Visionary Home Builders
• 72‐unit affordable multi‐family project
• Units will target farm workers and families
between 30% and 60% AMI
• $600,000 recommended allocation for pre‐development
and construction costs, with a maximum of $50,000
available for pre‐development expenditures.
• The project intends to leverage over $20 million of low‐ income tax credit funds.
Proposed Funding, continued
• Park Center Apartments
• Sponsor: Delta Community Builders Corp (DCBC)
and Housing Authority.
• 51‐unit affordable multi‐family project.
• The project will target households at income limits
ranging from 15% to 60% AMI.
• $2,227,632 recommended allocation for adaptive reuse
costs, with a maximum of $50,000 available for pre‐
development expenditures.
• Park Center is anticipated to leverage over $14 million of low‐income tax credit financing and $1.6 million of MHSA financing.
Proposed Funding, continued
Fontana Towers
• Sponsor: Service First of Northern CA.
• 105‐unit multi‐family housing development.
• Targets households with incomes between 30% and 60% AMI that are disabled, and/or homeless, including those with mental health and long‐term chronic health issues, as well as transitional youth, veterans, singles, couples, and families. • $2,242,609 is recommended to cover acquisition and
construction costs, with a maximum of $50,000 available for pre‐development expenditures.
• Fontana Towers is anticipated to leverage $16.2 million of low‐income tax credits, and $6.3 million of state low‐income tax credits.
Proposed Funding, continued
Grand View Village
• Sponsor: Visionary Home Builders.
• 75‐unit housing and commercial development, targeting households at or below 60% AMI.
• $770,000 is recommended to cover construction cost
overruns.
Shared Permanent Housing for Homeless
• Sponsor: Stocktonians Taking Action to Neutralize Drugs (STAND) and Central Valley Low Income Housing Corp.
(CVLIHC).
• 30‐unit shared housing project targeting households at 30% and 50% AMI.
• $816,821 requested for construction expenditures.
• Project anticipated to leverage at minimum 25% of its development costs from noncity sources.
Project Sites
Recommendations
Adopt a resolution:
1. Approve the following loans for seven (7) affordable housing developments:
a. $1,426,107 to Delta Community Developers Corp. (Housing Authority of the County of San Joaquin) for the 38 ‐unit Sonora Square Apartment project
b. $2,225,858 to Delta Community Developers Corp. (Housing Authority of the County of San Joaquin) for the 74‐unit Sierra Vista Apartments Phase III project
c. $600,000 to Visionary Home Builders for the 72 ‐unit Casa de Mariposa project
Recommendations, continued
d. $2,227,632 to Delta Community Developers Corp.
(Housing Authority of the County of San Joaquin) for the 51 ‐ unit Park Center Apartments development;
e. $2,242,609 to Service First of Northern California for the 105 ‐ unit Fontana Towers project;
f. $770,000 to Visionary Home Builders for the 75 ‐unit Grand View Village Apartment project; and
g. $816,821 to the Central Valley Low Income Housing Corp. and Stocktonians Taking Action to Neutralize Drugs (STAND) for the 30‐unit Shared Housing Infill Project for the Homeless.
Recommendations, continued
2. Authorize the appropriation of $5.742 million of HOME ‐ARPA funds, $1.5 million of HOME funds, $1.6 million in PLHA funds, and $1,000,000 in HHAP2 funds, as well as the
reallocation and for the purpose of funding housing loans for seven development projects.
3. Authorize the reallocation of $396,000 in HOME funds and $119,916 of NSP funds that were previously awarded but not utilized for two projects and subsequently returned by
Mutual Housing/APSARA and Visionary Home Builders,
respectively.
4. Authorize the City Manager, or designee, to take actions that are necessary and appropriate, including the execution of loan documents, to carry out the intent of the resolution.