A Nonprofit Housing and Community Development Organization
April 17th, 2023
Leslie Caviglia
City Manager, City of Visalia
220 N. Santa Fe St.
Visalia, CA 93292
RE: Request Letter- Rancho Colegio project
Dear Mrs. Caviglia
Self-Help Enterprises (SHE) is developing an affordable 80-unit multifamily housing development on the Southeast corner of Esquivel Ave. and North Court St. in Visalia known as “Rancho Colegio". The site will consist of eighty (80) rental units, of which one unit will be reserved for an on-site manager. This project will include 20 units of farmworker housing. In February of 2023 SHE was awarded $13,768,709 of HCD funding under the Multifamily Super NOFA (see Award Commitment).
In preparation for a 9% Tax Credit Application on August 8th, 2023, SHE is requesting HOME funding for eleven (11) of the 80 rental units for households at or below 50% AMI. SHE would like to request the following funding in order to successfully complete the financing needed: $630,000 of Visalia’s HOME-CHDO funds for Fiscal Year 2023/24, and $600,000 Visalia’s HOME-CHDO funds for Fiscal Year 2024/25, for a total commitment of $1,290,000.
Rancho Colegio – Public Funds
Committed Requesting
Multifamily Housing Program (MHP) - $10,172,065 HOME-CHDO (FY 23/24) - $630,000 Joe Serna, Jr. Farmworker Housing Grant (FWHG)
Program - $3,596,644
HOME-CHDO (FY 24/25) - $660,000
Total: $13,768,709 Total: $1,290,000
This funding will increase the financial feasibility of the project and allow the project to be more competitive for Tax Credit funding, which benefits from local leverage.
Should you have any questions regarding this proposal, please contact me at (559) 802-1620 or [email protected]. Once again, thank you for the consideration of this request.
Sincerely,
Thomas J. Collishaw
President/CEO
Main Office: 8445 W. Elowin Court · P.O. Box 6520 · Visalia, CA 93290 · Phone (559)651-1000 · Fax (559)651-3634 [email protected] · www.selfhelpenterprises.org DocuSign Envelope ID: 00D07593-1D2D-412C-9BEC-9E051D4C1641