HomeMy WebLinkAbout1996-03-26; City Council; 13577; Greystone Purchase Villa Loma Housing Credits__ .- _- i!qq
CITY OF CARLSBAD - AGhlDA BILL
AB# /3, ,“;’ 1 7 TlTLE: DEPT. HD.
KG. 3 -26 - 9/4 APPROVING REQUEST BY GREYSTONE HOMES, INC. TO
PURCHASE AFFORDABLE HOUSING CREDITS IN THE CITY All-Y.
VILLA LOMA AFFORDABLE HOUSING PROJECT
DEPT. CA CITY MGR.
RECOMMENDED ACTION: Ly-- TX.-/
Adopt Resolution No. %- 106 approving the request by Greystone Homes, Inc. to purchase up
to 23 affordable housing credits in the Villa Loma project.
ITEM EXPLANATION:
At its meetings of March 5, 1996 and March 19, 1996, the City Council considered the request
by Greystone Homes, Inc. to purchase up to 23 affordable housing credits in the Villa Loma
affordable housing project and directed the City Attorney to return with documents approving that
request, That document is attached. The Council should satisfy itself that the document
accurately reflects your intentions in this matter.
FISCAL IMPACT
Based on the developer’s current affordable housing obligation, the sale of Affordable Housing
Credits would result in revenue to the City of approximately 6630,000.
EXHIBITS
Resolution No. %- /ob
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RESOLUTION NO. 96-106
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA APPROVING A REQUEST BY GREYSTONE HOMES TO PURCHASE UP TO 23 AFFORDABLE HOUSING CREDITS IN THE VILLA LOMA PROJECT IN ORDER TO SATISFY ITS AFFORDABLE HOUSING OBLIGATION UNDER THE CITY'S INCLUSIONARY HOUSING ORDINANCE.
WHEREAS, the City of Carlsbad has identified a need to
provide at least 1,400 housing units affordable to households of
low and very low income during this Housing Element horizon; and
WHEREAS, a project, known as Costa do Sol, has an
obligation to provide 23 units of affordable housing to low-income
persons pursuant to the City of Carlsbad's Inclusionary Housing
Ordinance; and
WHEREAS, the City's Inclusionary Housing Ordinance allows
a developer to satisfy the affordable housing obligation in a
combined inclusionary housing project upon approval by the City
Council of the City of Carlsbad; and
WHEREAS, the developer of the Costa do Sol project,
Greystone Homes, has submitted a request to participate in a
combined inclusionary housing project, known as the Villa Loma
project, through purchase of housing credits from the City of
Carlsbad; and
WHEREAS, the City Council considered this request at its
meetings of March 5, 1996 and March 19, 1996, and received
recommendations both for and against this purchase; and
WHEREAS, the Council considered the recommendations of
the Housing Commission and City staff and the developer was
provided an opportunity to submit input; and
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WHEREAS, the Board of Trustees of the Carlsbad Unified
School District has reached an agreement with the developer to
purchase an approximate two-acre parcel of land within the
development adjacent to its proposed school site; and
WHEREAS, the Council recognizes that the combined
inconclusionary housing project, known as the Villa Loma project,
is available to satisfy affordable housing needs within the
southwest and southeast quadrants and that funds from the sales of
these units shall be deposited in the City's housing trust fund and
utilized to further affordable housing projects of all types; and
WHEREAS, due to the location of this development near the
proposed school and agreement with the Carlsbad Unified-School
District to acquire a portion of the project, approval of this
application does not set a precedent for future actions,
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. That the City Council approve the request by
Greystone Homes, Inc. to purchase up to twenty-three (23) housing
credits from the City of Carlsbad for participation in a combined
inclusionary housing project, known as the Villa Loma affordable
housing project, to satisfy the affordable housing obligation for
the Costa do Solproject.(CT 92-Ol(A)/PUD 92-Ol(A)/SDP 93-04(A)/SP-
203(A)/HDP 92-10(A)) pursuant to the City's Inclusionary Housing
Ordinance.
PASSED, APPROVED AND ADOPTED at a Regular Meeting of the
2 City Council of the City of Carlsbad on the a day of March
3 1996, by the following vote, to wit:
4 AYES: Council Members Nygaard, Kulchin, Finnila and Hall
5 NOES: None
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ABSENT: Mayor Lewis
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ATTEST:
ALETHA L. RAbTENKRANZ, City $lerk
(SE=)
April 8, 1996
Attention: Mr. Luis Trujillo Greystone Homes Inc. 495 East Rincon, Suite 115 Corona, CA 91719
Re: Purchase of Affordable Housing Credits - Villa Loma
The Carlsbad City Council, at its meeting of March 26, 1996, adopted Resolution No. 96-106, approving your request to purchase up to 23 affordable housing credits in the Villa Loma Affordable Housing Project.
As a courtesy, enclosed is a copy of Resolution No. 96-106 for your records.
City Clerk
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Enclosure
1200 Carlsbad Village Drive - Carlsbad, California 92008-1989 - (619) 434-2808 @a