HomeMy WebLinkAbout2002-05-09; Housing Commission; Resolution 2002-002I
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HOUSING COMMISSION RESOLUTION NO. 2002-002
THAT THE HOUSING COMMISSION RECOMMEND APPROVAL TO
THE CITY COUNCIL OF $2,070,000 IN FINANCIAL ASSISTANCE FROM
THE HOUSING TRUST FUND, TO ISSUE TAX EXEMPT BONDS IN AN
AMOUNT NOT TO EXCEED $17,050,000, AND APPROVAL OF THE
FINANCIAL ASSISTANCE AGREEMENT AND RELATED DOCUMENTS
WITH DOVE FAMILY HOUSING ASSOCIATES, L.P. FOR
CONSTRUCTION OF ONE HUNDRED EIGHTY (1 80) AFFORDABLE
APARTMENT UNITS TO SATISFY THE INCLUSIONARY HOUSING
ORDINANCE REQUIREMENT FOR THE VILLAGES OF LA COSTA
MASTER PLAN.
APPLICANT: DOVE FAMILY HOUSING ASSOCIATES, L.P.
CASE NO: SDP 01-17
WHEREAS, the Master Developer of the Villages of La Costa Master Plan,
Real Estate Collateral Management Company, has proposed to construct 180
apartment units affordable to lower income households as a means to satisfy a
portion of their affordable housing obligation as permitted by Carlsbad Municipal
Code Section 21.85 of the City’s Inclusionary Housing Ordinance; and
WHEREAS, the proposal to construct said units has been submitted to the
City of Carlsbad’s Housing Commission for review and consideration; and
WHEREAS, said Housing Commission did, on the gth day of May, 2002, hold
a public meeting to consider the request for City financial assistance for the
construction of said 180 affordable housing apartment units by the affordable
housing developer, Dove Family Housing Associates, L.P.; and
WHEREAS, upon hearing and considering all testimony, if any, of all persons
desiring to be heard, said Commission considered all factors relating to the proposal
to construct said affordable housing units.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the Housing
Commission of the City of Carlsbad, California, as follows:
1. The above recitations are true and correct.
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HC RESOLUTION NO. 2002-002
PAGE 2
2.
3.
4.
The request for City financial assistance is consistent with the goals
and objectives of the City of Carlsbad’s Housing Element,
Consolidated Plan, the Inclusionary Housing Ordinance, and the
Carlsbad General Plan.
The request for City financial assistance will assist the affordable
housing developer to construct a total of 180, one, two, three, and four
bedroom affordable apartment units which will be affordable to
households at 50% and 60% of area median income. 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.
That based on the information provided within the Housing
Commission Staff Report and testimony presented during the public
meeting of the Housing Commission on May 9, 2002, the Housing
Commission hereby ADOPTS Resolution No. 2002-002,
recommending APPROVAL to the City Council to provide up
$2,070,0000 in financial assistance from the City of Carlsbad’s
Housing Trust Fund to Dove Family Housing Associates, L.P., and for
the City to issue tax-exempt bonds in an amount not to exceed
$17,050,000 for the construction of one hundred eighty (180)
affordable apartment units to help satisfy the requirements of the
Inclusionary Housing Ordinance for the Villages of La Costa Master
Plan.
*.*.*.*.*
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5. That the Housing Commission recommends that the City Manager or
his or her designee be authorized by the City Council to execute all
documents related to provision of the City assistance, including but
not limited to a Loan Agreement, Note, Deed of Trust and Regulatory
Agreement, in substantially the form presented to the Housing
Commission on May 9, 2002, and subject to review and approval by
the City Attorney.
PASSED, APPROVED, AND ADOPTED at a meeting of the Housing
Commission of the City of Carlsbad, California, held on the gth of May, 2002, by the
following vote, to wit:
AYES: Vice-Chairperson Scarpelli, Commissioners Huston, Grifin
and Ritchie
NOES:
ABSENT:
ABSTAIN:
" - AM
DEBORAH K. FOUNTAIN
HOUSING AND REDEVELOPMENT DIRECTOR
HC RESOLUTION NO. 2002-002
PAGE 3
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