HomeMy WebLinkAbout2021-12-07; City Council; Resolution 2021-267RESOLUTION NO. 2021-267 ,
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING A $1,500,000 LOAN FROM THE HOUSING TRUST
FUND TO CHELSEA INVESTMENT CORPORATION FOR THE WEST OAKS
AFFORDABLE HOUSING PROJECT (DEV 2013-018)
EXHIBIT 1
WHEREAS, Chelsea Investment Corporation has requested financial assistance for the
construction of 42 apartment units to be affordable to extremely low (5 units), very low (5 units), and
low-income (32 units) households located southwest of the intersection of Palomar Airport Road and
Palomar Oaks Way; 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 Nov. 18, 2021, on which date said
Commission recommended that the City Council approve the requested financial assist,ance in the
amount of $1,500,000; and
WHEREAS, the Planning Commission approved said housing development on Jan. 20, 2021.
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 Chelsea Investment Corporation is
consistent with the goals and objectives of the City of Carlsbad's Housing Element, and
the General Plan.
3. That the request for financial assistance will assist the affordable housing developer in
constructing a total of 42 apartment units affordable to extremely low (5 units), very
low (5 units), and low-income (32 units) 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 cash assistance loan in the amount of $1,500,000 to Chelsea Investment
Corporation for the West Oaks affordable housing project once all project funding is
secured by the developer.
Dec. 7, 2021 Item #11 Page 7 of 63