August 7, 2023
Self-Help Enterprises
Attn: Tom Collishaw
8445 W. Elowin Ct.
Visalia, CA 93291
Re: HOME Investment Partnership Program (HOME) Community Housing Development Organization (CHDO) Funding Commitment for Rancho Colegio Project.
Dear Mr. Collishaw:
This letter is to signify the City of Visalia's support of the Rancho Colegio (Project), located at The Southeast corner of North Court Street and East Glendale Avenue, Visalia, CA 93291. The City of Visalia h as appropriated approximately $630,000 in Fiscal Year 2023/24 and hereby commits an additional estimated $660,000 in Fiscal Year 2024/25 HOME funds for a total City of Visalia commitment up to $1,290,000 in HOME funds, contingent upon HOME annual allocation and program income received, toward development of the Rancho Colegio Project. The funding will be in the form of a residual receipt loan, bearing an interest rate of three percent (3%) over a 55-year term subject to compliance with all HOME program requirements.
The proposed project will serve households with incomes at or below 50% of the area median income (AMI) level and will be required to meet all HOME income and rental restrictions as well as HOME regulations.
The City of Visalia looks forward to working with Self-Help Enterprises as they bring critical housing to our community. If you have any questions, please contact me via email at [email protected].
Sincerely,
Leslie Caviglia
City Manager
City of Visalia City Manager’s Office
220 N. Santa Fe, Visalia, CA 93292 Tel: (559) 713-4332 Email: [email protected]