HomeMy WebLinkAbout2021-10-12; City Council; Resolution 2021-234RESOLUTION NO. 2021-234
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING A $650,000 LOAN FROM THE HOUSING TRUST
FUND TO USA PROPERTIES FUND FOR THE MARJA ACRES SENIOR
APARTMENTS AFFORDABLE HOUSING PROJECT (DEV 16-038)
EXHIBIT 1
WHEREAS, USA Properties Fund has requested financial assistance for the construction of 47
apartment homes to be affordable to extremely low, very low, and lower-income households on an
existing parcel at El Camino Real and Kelly Road; and
WHEREAS, the request for financial assistance was submitted to the City of Carlsbad's Housing
Commission for review and consideration at their public meeting on August 12, 2021, on which date
said Commission recommended that the City Council approve the requested financial assistance in the
amount of $650,000; and
WHEREAS, the City Council approved said housing development on November 3, 2020.
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 request for financial assistance from USA Properties Fund is consistent with the
goals and objectives ofthe City of Carlsbad's Housing Element, and the General Plan:
3. That the request for financial assistance will assistthe affordable housing developer in
constructing a total of 47 apartment homes affordable to extremely low, very low, and
lower-income households. The project, therefore, can effectively serve the city's
housing needs and priorities expressed in the Housing Element.
4. That the City Council authorizes the Deputy City Manager, Administrative Services, to
.assign for a 24-month period from the Housing Trust Fund and to appropriate funds to
provide a residual receipts loan in the amount of $650,000 to USA Properties Fund for
the Marja Acres Senior Apartment affordable housing project once all project funding
is secured by the developer.
Oct. 12, 2021 Item #8 Page 8 of 111
EXHIBIT 1
5. That the City Council authorizes the City Manager, or designee, to prepare and execute
all documents related to the provision of the city loan, 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 12!!1 day of October 2021, by the following vote, to wit:
AYES:
NAYS:
ABSENT:
Hall, Blackburn, Bhat-Patel, Acosta, Norby.
None.
None.
1/ (SEAL)
erk Services Manager
Oct. 12, 2021 Item #8 Page 9 of 111