HomeMy WebLinkAbout2017-02-14; City Council; Resolution 2017-030EXHIBIT 1
RESOLUTION NO. 2017-030
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,CALIFORNIA,APPROVING A
RESIDUAL RECEIPTS LOAN IN THE AMOUNT OF $4,250,000 FROM THE CARLSBAD HOUSING TRUST
FUND TO AFFIRMED HOUSING TO ASSIST WITH THE FINANCING OF CONSTRUCTION OF FIFTY (50)
AFFORDABLE APARTMENT HOMES FOR HOMELESS VETERANS AND LOWER INCOME VETERANS
AND THEIR FAMILIES ON TWO NONCONTIGUOUS SITES IN THE NORTHWEST QUADRANT OF THE
CITY OF CARLSBAD.
WHEREAS,Affirmed Housing has proposed to construct 50 apartment homes to be affordable
to lower income households within the City of Carlsbad for homeless veterans and lower income
veterans and their families on two noncontiguous sites within the historic Barrio Carlsbad
neighborhood of the City of Carlsbad, and has requested financial assistance from the City of Carlsbad
to assist in the financing of said affordable housing project; and,
WHEREAS,the Planning Commission approved said affordable housing development on January
18, 2017; and,
WHEREAS,the request for financial assistance from Affirmed Housing to construct said units
was submitted to the City of Carlsbad's Housing Commission for review and consideration, and said
Commission recommended that the City Council approve the requested financial assistance in the
amount of $4,250,000 at their public meeting on the 14th day of July, 2016.
NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of Carlsbad, California,as
follows:
1.That the above recitations are true and correct.
2.The request for financial assistance from Affirmed Housing is consistent with the goals
and objectives of the City of Carlsbad's Housing Element, Consolidated Plan,and the
Carlsbad General Plan.
3.The request for financial assistance will assist the affordable housing developer in
constructing a total of 50,studio, one, two and three bedroom affordable apartment
homes for homeless veterans and lower income veterans and their families on two
noncontiguous sites within the Northwest Quadrant of the City of Carlsbad which will
be affordable to households ranging from 30% to 50% of area median income for San
Diego County.The project, therefore,has the ability to effectively serve the city's
housing needs and priorities as expressed in the Housing Element and the Consolidated
Plan,and to meet the housing and service needs of the special needs population of
homeless military veterans and lower income military veterans and their families.
EXHIBIT 1
4.That the City Council hereby approves financial cash assistance in the amount of
$4,250,000 from Carlsbad's Housing Trust Fund to Affirmed Housing Corporation for the
construction of fifty (50)affordable apartment homes on two noncontiguous sites
within the Northwest Quadrant of the City of Carlsbad, and within the historic Barrio
Carlsbad neighborhood,for homeless military veterans and lower income military
veterans and their families.
5.That the City Council authorizes the Chief Operations Officer to prepare and execute all
documents related to provision of the city assistance in the form of a residual receipts
loan, including but not limited to a Financial Assistance Loan Agreement, Note, Deed of
Trust, and Regulatory Agreement, subject to review and approval by the City Attorney.
PASSED,APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of
Carlsbad on the 14th day of February, 2017, by the following vote, to wit:
AYES:M. Hall,K.Blackburn,C.Schumacher.
NOES:M. Packard.
ABSENT:M.Schumacher.
14 1/11
M HALL,Mayor
BAR::ENGLESON, City Clerk
(SEAL)
osaA5BA.0........
CY/
tf.N
......
•