HomeMy WebLinkAbout2014-241 1 RESOLUTION NO. 2014-241
2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO TO PROVIDE FUNDING TO NATIONAL COMMUNITY
3 RENAISSANCE (NATIONAL CORE) FOR THE WATERMAN GARDENS
4 AFFORDABLE HOUSING PROJECT
5 WHEREAS, the housing strategy for the City of San Bernardino (City) supports
partnerships with non-profit housing developers for the new construction of affordable
6 housing projects; and
7 WHEREAS, National Community Renaissance (National CORE) (or its City-
8 approved affiliate) (the "Designated Owner") has applied for a loan under the City's Home
Investments Partnerships Program (HOME) funded by the U.S. Department of Housing and
9 Urban Development (HUD) in the amount of One Million, Five Hundred Thousand Dollars
10 ($1,500,000.00) to develop a seventy-six (76)-unit affordable family complex in the City of
San Bernardino (the "Project") to provide increased affordable housing opportunities for
11 eligible very low- and low-income residents; and,
12 WHEREAS, National CORE is seeking additional financial assistance from other
funding sources, including approximately $12,100,000 in Federal Low Income Housing Tax
13 Credit equity from the Tax Credit Allocation Committee; and
14 WHEREAS, the 2014 Federal Low Income Housing Tax Credit application requires a
15 letter of commitment for all funding sources; and
16 WHEREAS, the City of San Bernardino will provide the funding described herein for
17 this affordable family housing project subject to approval of Federal Low Income Housing
Tax Credit application, execution of the HOME Loan Agreement, satisfactory documents
18 demonstrating Project compliance with the HOME Program Regulations, and consistency
with the housing needs identified in the City of San Bernardino's Consolidated Plan.
19
20 NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
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SECTION 1. Provided that National CORE, obtains approval of Federal Low
22 Income Housing Tax Credits, City HOME Program funds continue to be available, the
23 terms and conditions of HOME Program requirements are met, and a subsequent
Home Loan Agreement is approved and executed between National CORE and the City,
24 the City agrees to provide up to One Million Five hundred Thousand Dollars
($1500.000.00) in HOME funds for the development of the Project, at a rate of 3%
25 interest, with a HUD 20-year affordability term and a City imposed 55-year affordability
term.
26
27 SECTION 2. This Resolution shall take effect immediately upon its
adoption.
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2014-241
1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO TO PROVIDE FUNDING TO NATIONAL COMMUNITY
2 RENAISSANCE (NATIONAL CORE) FOR THE WATERMAN GARDENS
AFFORDABLE HOUSING PROJECT
3
4
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and
5
6 Common Council of the City of San Bernardino at a joint regular meeting
7 thereof, held on the 16 thday of June , 2014, by the following vote, to wit:
8 Council Members: AYES NAYS ABSTAIN ABSENT
9
MARQUEZ x
10
BARRIOS x
11
12 VALDIVIA x
13 SHORETT x
14 NICKEL
X
15
JOHNSON x
16
17 MULVIHILL x
18
19 Georgea/ Hanna, � Clerk
20 The foregoing resolution is hereby approved this /9-- day of Jun, , 2014.
21
Al°
22 _r .
23 R. Carey Davy, Mayor
City of San :-rnardino
24 Approved as to form:
25 Gary D. Saenz, City Attorney
26
27 By:"IL:. • L _ ��
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