Resolution No.
STOCKTON CITY COUNCIL
A RESOLUTION OF THE GOVERNING BODY OF CITY OF STOCKTONAUTHORIZING JOINT APPLICATION TO AND PARTICIPATION IN THE HOMEKEY PROGRAM WHEREAS:
The Department of Housing and Community Development (“Department”) has issued a Notice of Funding Availability, dated March 29, 2023 (“NOFA”), for the Homekey Program (“Homekey” or “Program”). The Department has issued the NOFA for Homekey grant funds pursuant to Health and Safety Code section 50675.1.3 (Assem. Bill No. 140 (2021-2022 Reg. Sess.), § 20.).
City of Stockton (“Co-Applicant”) desires to jointly apply for Homekey grant funds with UPholdings Stockton LLP (“Corporation”). Therefore, Co-Applicant is joining Corporation in the submittal of an application for Homekey funds (“Application”) to the Department for review and consideration.
The Department is authorized to administer Homekey pursuant to the Multifamily Housing Program (Chapter 6.7 (commencing with Section 50675) of Part 2 of Division 31 of the Health and Safety Code). Homekey funding allocations are subject to the terms and conditions of the NOFA, the Application, the Department-approved STD 213, Standard Agreement (“Standard Agreement”), and all other legal requirements of the Homekey Program.
THEREFORE, IT IS RESOLVED THAT:
Co-Applicant is hereby authorized and directed to submit a joint Application to the Department in response to the NOFA, and to jointly apply for Homekey grant funds in a total amount not to exceed $35,000,000.
If the Application is approved, Co-Applicant is hereby authorized and directed to enter into, execute, and deliver a Standard Agreement in a total amount not to exceed $35,000,000 any and all other documents required or deemed necessary or appropriate to secure the Homekey funds from the Department and to participate in the Homekey Program, and all amendments thereto (collectively, the “Homekey Documents”).
Co-Applicant acknowledges and agrees that it shall be subject to the terms and conditions specified in the Standard Agreement, and that the NOFA and Application will be incorporated in the Standard Agreement by reference and made a part thereof. Any and all activities, expenditures, information, and timelines represented in the Application are enforceable through the Standard Agreement. Funds are to be used for the allowable expenditures and activities identified in the Standard Agreement.
Co-Applicant is authorized to allocate an amount up to $9,720,757 in existing Co-Applicant funds for acquisition, pre-development, rehabilitation, and capitalized operating subsidy reserves if the Application is approved and Co-Applicant enters into the Standard Agreement. Those funds include American Rescue Plan Funds in the amount of up to $1,800,000, Low and Moderate Income Housing Funds in an amount up to $1,281,000, Homeless Housing Assistance and Prevention Round 3 funds in an amount of up to $3,789,359, and Homeless Housing Assistance and Prevention Round 4 funds in an amount of up to $2,850,398 and contingent on final executed agreements with the State. The City Manager of the City of Stockton is authorized to execute any agreements and take any necessary actions to utilize these funds in the Homekey Program.
The City Manager, of the City of Stockton, is authorized to execute the Application and the Homekey Documents on behalf of Co-Applicant for participation in the Homekey Program.
PASSED AND ADOPTED this _____ day of ______________, 2023, by the following vote:
AYES: [ _] NAYES: [ _] ABSTAIN: [ _] ABSENT: [ _] The undersigned, Eliza Garza, City Clerk, of Co-Applicant, does hereby attest and certify that the foregoing is a true and full copy of a resolution of the governing body adopted at a duly convened meeting on the date above-mentioned, and that the resolution has not been altered, amended, or repealed.
SIGNATURE: _______________________ DATE: _____________________ NAME: _____________________________ TITLE: _____________________