HomeMy WebLinkAbout2016-01-14; Housing Commission; Resolution 2016-0012
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THAT THE HOUSING COMMISSION RECOMMENDS A PROV AL TO THE CITY
COUNCIL OF $1,280,000 IN FINANCIAL CASH AS !STANCE FROM THE
CARLSBAD HOUSING TRUST FUND TO CHELSEA INVE TMENT CORPORATION
FOR CONSTRUCTION OF SIXTY-FOUR (64) AFFORDAB E FAMILY APARTMENT
HOMES ON PROPERTY IN THE NORTHEAST QUAD NT! OF THE CITY OF
CARLSBAD AND WITHIN THE UARRY CREEK MASTE PLAN COMMUNITY.
WHEREAS, the Chelsea Investment Corporation has propo ed to construct 64 apartment
family homes to be affordable to lower income households within the City of Carlsbad and has
requested financial assistance from the City of Carlsbad to as ist in, the financing of said
affordable housing project; and, j
WHEREAS, the request for financial assist to construct sai unit~ has been submitted to
the City of Carlsbad's Housing Commission for review and consid ation~· and
WHEREAS, said Housing Commission did, on the 14th ay o~ January, 2016, hold a
public meeting to consider the request for financial assistance fo the ~onstruction of said 64
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affordable family apartment homes by the affordable housing d velopfr, Chelsea Inv~stment
Corporation; and I
WHEREAS, upon hearing and considering all testimony, if y, of all persons desiring to
be heard, said Commission considered all factors relating to t proposal to construct said
affordable family rental homes.
22 NOW, THEREFORE, BE IT HEREBY RESOLVED by the Housing Commission of the
23 City of Carlsbad, California, as follows:
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1. The above recitations are true and correct.
2. The request for financial assistance is consistent wi h the goals and objectives of
the City of Carlsbad's Housing Element, Consol' ated Plan, the Inclusionary
Housing Ordinance, and the Carlsbad General Plan.
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3.
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The request for financial assistance will assist the affordable housing developer to
construct a total of 64, one, two and three bedroom affordable family apartment
homes which will be affordable to households ranging from 50% to 60% of area
medi an income fo r San Di ego County. The projec , therefore, has the ability to
effecti vely serve the City's housing needs and p ,iorities as expressed in the
Housing Element and the Co nso lidated Plan.
That based on the information provided within th~ Housing Commission Staff
Report and testimony presented during the publ c meeting of the Housing
Commission on January 14, 2016, the Housing C mmission hereby ADOPTS
Resolution No. 20 16-01 , recommending APPRO AL to the City Council to
provide up $1 ,28 0,000 in financial cash assistance from the Carlsbad Housing
Trust Fund to Chelsea Investment Corporation for tjhe constructi on of sixty-fou r
(64) affordable family apartment homes within the Nloortheast Quadrant of the City
of Carlsbad, and within the Quarry Creek Master Pia Community.
That the Housing Conm1ission recommends that th City Manager or hi s or her
designee be authorized by the City Council to prepare and execute all documents
related to provision of the City/Agency assistance, · eluding but not limited to a
Financial Assistance Loan Agreement, Note, De d of Trust and Regulatory
Agreement, subject to review and approval by the Ci y Attorney.
PASSED, APPROVED, AN D ADOPTED at a meeting of the Housing Commission of
the City of Carlsbad, California, held on the 9111 of July, 2009, by th9 following vote, to wit:
A YES: CA RRILLO, IGOE, NEWMAN AND WILLIAMS
OES: NO E
ABSENT: SMITH
ABSTAIN: NONE ~oK itr--
SUSAN IGOE, CHA~PERSON
CARLSBAD HOUSI~G COMMISSION
DEBBIE FOUNTAIN,
HOUSING AND NEIGHBORHOOD SERVICES DIRECTOR