HomeMy WebLinkAbout2009-08-11; Housing & Redevelopment Commission; Resolution 4751 , RESOLUTION NO. 475
2 A RESOLUTION OF THE HOUSING AND REDEVELOPMENT
COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA, TO
3 APPROPRIATE REDEVELOPMENT AGENCY HOUSING SET-
4 ASIDE FUNDING IN THE AMOUNT OF $3,750,000 TO ASSIST IN
PROVIDING FINANCIAL ASSISTANCE TO THE PARTNERSHIP OF
5 WESTERN COMMUNITY HOUSING AND META HOUSING FOR
THE CONSTRUCTION OF FIFTY (50) AFFORDABLE SENIOR-
6 RESTRICTED APARTMENT UNITS WITHIN THE NORTHWEST
QUADRANT OF THE CITY OF CARLSBAD AND OUTSIDE THE
7 REDEVELOPMENT PROJECT AREA(S).
8 APPLICANT: WESTERN COMMUNITY HOUSING/META HOUSING
9 CASE NO: SDP 06-12
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WHEREAS, Western Community Housing and Meta Housing have partnered and have
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proposed to construct 50 senior-restricted affordable apartment units on Harding Street in the
1 _ Northwest Quadrant of the City of Carlsbad, which is located outside the boundaries of the
14 Redevelopment Plan areas (Village and South Carlsbad Coastal Redevelopment Project Areas);
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16 WHEREAS, Western Community Housing and Meta Housing has requested that the
i ^1' Carlsbad Redevelopment Agency provide financial assistance in the form of a construction
18 and/or permanent loan to assist in the construction of said apartment units; and
19 WHEREAS, the Redevelopment Agency of the City of Carlsbad, hereinafter referred to
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as "Agency", is a Community Redevelopment Agency organized and existing under the
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Community Redevelopment Law, Health and Safety Code Section 33000, etc.seq., hereinafter
referred to as the "Act", and desires to assist in the financing of said project to be developed by
24 Western Community Housing and Meta Housing; and
25 WHEREAS, the Agency is authorized to implement the housing activities within the
26 Redevelopment Plans for the Carlsbad Village, which has a plan that has recently expired but has
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1 a continuing obligation to provide affordable housing, and South Carlsbad Coastal
2 Redevelopment Project Areas; and
WHEREAS, Section 33334.2 of the Act requires that not less than twenty percent (20%)
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of all taxes which are allocated to the Agency be used for purposes of increasing and improving
5 the community's supply of low and moderate income housing; and
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WHEREAS, pursuant to Section 33334.2 of the Act, the Legislature declares its intent
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that the Low and Moderate Income Housing Set-Aside Fund shall be used to improve and8
increase the supply of affordable housing within the community; and
IQ WHEREAS, to carry out the purposes of increasing and improving the community's
11 supply of low and moderate income housing, Section 33334.2(e) of the Act states that the
12 Agency may exercise any or all of its powers, including without limitations, acquiring land or
*3 building sites, improving land or building sites with onsite or offsite improvements, donating
14 land to private or public persons or entities, constructing buildings or structures, acquiring
buildings or structures, providing subsidies to, or for the benefit of, very low income households,
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lower income households, or persons or families of low and moderate income, or other powers to
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carry out the purposes of the Act; and
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WHEREAS, pursuant to Section 33334.2(g) (1) of the Act, the Agency may use said
2Q funds outside the project area(s) upon a resolution of the Agency and the Legislative body that
21 the use will be of benefit to the project area(s); and
22 WHEREAS, on the 9th day of July, 2009, City of Carlsbad Housing Commission did
23 hold a public meeting to consider a request for Agency financial assistance for the construction
of said 50 senior-restricted affordable housing apartment units by the affordable housing
25 developer partnership of Western Community Housing and Meta Housing, and subsequently
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recommended approval of the request for assistance; and
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1 WHEREAS, the Housing and Redevelopment Commission did hold, on the date of this
2 resolution, a public meeting to consider said request for Agency financial assistance for the
construction of said 50 senior-restricted affordable housing apartment units by the affordable
4 housing developer partnership of Western Community Housing and Meta Housing; and,
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WHEREAS, at said public meeting, upon hearing and considering all testimony, if any,
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of all persons desiring to be heard, said Housing and Redevelopment Commission considered all
factors relating to the application and request for financial assistance; and,
11 WHEREAS, the Housing and Redevelopment Commission approved the appropriation
12 and expenditure of $3,750,000 from the Low and Moderate Income Housing Set-Aside Fund
outside the Redevelopment Project Areas for the purposes of providing loan proceeds to assist in
14 the financing of construction of 50 senior-restricted units of rental housing for very low, low and
moderate income persons/families to Western Community Housing and Meta Housing.
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NOW, THEREFORE, BE IT HEREBY RESOLVED by the Housing and
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Redevelopment Commission of the City of Carlsbad, California, as follows:
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1. The above recitations are true and correct.
2Q 2. The request for Agency financial assistance is consistent with the goals and
objectives of the City of Carlsbad's Housing Element and Consolidated Plan, the
21 Carlsbad General Plan, and the approved Redevelopment Plans for the Village
Area (which has an expired plan but a continuing obligation to provide for
22 affordable housing) and South Carlsbad Coastal Redevelopment Project Areas.
23 3. The request for Agency financial assistance will assist the affordable housing
developer to construct a total of 50 one and two bedroom senior-restricted
affordable apartment units. 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 as well as meet the housing needs for the
26 Redevelopment Project Area(s) in the City of Carlsbad.
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1 4. That the expenditure of monies from the Low and Moderate Income Housing
Fund for the purposes of funding a construction and/or permanent loan to
2 Western Community Housing and Meta Housing, for a senior-restricted
affordable housing project containing 50 rental units outside the Redevelopment
Project Area(s), in which such funds are generated, are and will be of benefit to
the respective Project Area(s) based on the following findings:
5 a. The Village Area consists of a number of restaurants, small retail operations
and various services which depend on local residents for their financial
6 viability as a business. The proposed residential units will provide an
additional market of customers for the wide variety of goods and services
offered within the Village Area and within very close walking distance of said
project.
9 b. The South Carlsbad Coastal Redevelopment Area is proposed to have several
new restaurants, small retail operations and services which will also depend
10 on and offer an attractive shopping and service area for local residents. The
proposed housing project will assist in providing affordable housing
11 opportunities for those new customers/residents and ultimately benefit the
project area by providing an enhanced customer base which is located within
very close driving proximity to the project area.
13 c. The proposed project is located on bus routes and connects to major
14 transportation corridors which will allow direct access to the Village Area and
the South Carlsbad Coastal Redevelopment Project Area. The households
15 residing within the proposed project will be able to take advantage of the
public transportation systems which will allow them to eat, shop and play in
the Village Area and ultimately in the South Carlsbad Coastal Redevelopment
17 Area as well. This will have a significant impact on the Redevelopment
Agency's efforts to revitalize the both the Village Area and South Carlsbad
Coastal Redevelopment Project Area.
19 5. That the Low and Moderate Income Housing Set-Aside Funds will promote the City of
Carlsbad's housing goals and satisfies specific requirements of the Community
20 Redevelopment Law to expend a portion of its tax increment to produce affordable
housing opportunities for low and moderate income persons.
22 6. That the expenditure of the subject Low and Moderate Income Housing Set-Aside Funds
to provide financial assistance to the subject project in the form of a residual receipts loan
23 in the total amount of $3,750,000 is consistent with the Low and Moderate Income
Housing Set-Aside Spending Strategy/Plans.
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7. That the Housing and Redevelopment Commission authorizes the Agency's Executive
Director or his/her designee, including the Housing and Redevelopment Director, and the
Agency's Legal Council to negotiate and prepare for execution all documents related to
provision of the Agency assistance to fund the subject residual receipts
27 construction/permanent loan to Western Community Housing and Meta Housing for
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development of the subject senior-restricted affordable housing project.
That the Housing and Redevelopment Commission authorizes the Agency's Executive
, Director or his/her designee to execute subsequent subordination agreement(s)
subordinating the Agency's Regulatory Agreement and Deed of Trust to the Deed of
4 Trust for construction and permanent lenders, as required, subject to review and approval
by the Agency's General Counsel, and subject to the Executive Director's finding that no
5 other financing that does not require subordination is reasonably available.
9. That the Housing and Redevelopment Commission authorizes the Finance Director to
appropriate and expend the funds set forth within this approval to provide the proceeds
($3,750,000) for the residual receipts construction/permanent loan to Western
n Community Housing and Meta Housing for the subject affordable housing project, and as
set forth in the approved loan documents.
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PASSED, APPROVED AND ADOPTED at a Special Meeting of the Housing and
Redevelopment Commission of the City of Carlsbad on the 11th day of August 2009, by
the following vote to wit:
AYES: Commission Members Lewis, Kulchin, Hall, Packard and Blackburn
NOES: None.
ABSENT: None.
AlEWIS, Cfiaifman
ATTEST:
LISA HILDABRAND, Secretary
(SEAL)
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