Housing Successor Agency
MEETING DATE: 6/13/2018
TITLE:
Title
Disposition and Development Agreement with Urban Housing Communities
End
FROM:
Tami E. Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
It is recommended that the City Council acting in its capacity as the Housing Successor Agency authorize the execution of a Disposition and Development Agreement with Urban Housing Communities ("UHC") for development of a 60-Unit Veteran's Affordable Housing Project on Landau between Vega Road and Elizabeth Road consisting of approximating 9 acres (APN's: 678-060-001 through 005 and 678-060-049 through 053
Body
BACKGROUND:
The Housing Successor Agency owns ten parcels of vacant land located on Landau Boulevard between Vega Road and Corta Road that are approximately nine acres in size, rectangular in shape and easily accessible from Landau. This is the most readily developable larger site owned by the Housing Successor Agency. The Housing Successor had previously entered into an Exclusive Right to Negotiate Agreement with Urban Housing Communities ("UHC") in August 2016 to explore the feasibility of such a development on this site. At that time, it was fully recognized that financing for this project, as with most affordable housing projects, would be extremely complex and require layering numerous funding sources.
During the term of the Exclusive Negotiations, UHC has developed a project budget, a conceptual financing plan and a site plan and is working with the City's Planning Department to obtain development entitlements. The proposed project will consist of 60-units, to include a mix of one- and two-bedroom units and an on-site manager's unit, as well as an approximate 3,000 square foot community center. The proposed project budget is approximately $27 million to be derived from multiple funding sources, many of which are competitive. As with most affordable housing projects, UHC is required to secure some of its financi...
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