City Council

7. FINANCE COMMITTEE: AMENDMENT TO THE HOUSING DEPARTMENT’S FISCAL YEAR 2024 OPERATING\nBUDGET IN THE AMOUNT OF $1,997,000; APPROVAL OF KEY TERMS OF AFFORDABLE HOUSING LOAN\nAGREEMENT WITH HOME OWNERSHIP FOR PERSONAL EMPOWERMENT INC., TO REHABILITATE AND\nFINANCIALLY RESTRUCTURE RENTAL HOUSING PROJECTS AT 940 NORTH SUMMIT AVENUE AND 760\nWORCESTER STREET FOR PERSONS WITH INTELLECTUAL AND/OR DEVELOPMENTAL DISABILITIES\n(Housing & Career Services Dept.)\nRecommendation: It is recommended that the City Council:\n(1) Find that the proposed housing rehabilitation and financial restructuring activities as described in the agenda\nreport do not have a significant effect on the environment and has been determined to be categorically exempt under\nClass 1 (Existing Facilities) California Environmental Quality Act (“CEQA”) Guidelines Section 15301 and Class 26\n(Acquisition of Housing) State CEQA Guidelines Section 15326;\n(2) Amend the Housing Department’s Fiscal Year (FY) 2024 Operating Budget by appropriating $1,997,000 from\nthe Home Investment Partnership (“HOME”) Fund (221) for the award of the proposed Affordable Housing Loan\nAgreement (the “Agreement”) with Home Ownership for Personal Empowerment Inc. (“HOPE”), in connection with\nproposed the HOPE Project;\n(3) Approve HOPE as a Community Housing Development Organization for the purpose of satisfying federal\neligibility requirements to receive HOME-CHDO funding assistance; and\n(4) Approve key business terms, as described in the agenda report, of the proposed Agreement and authorize the\nCity Manager to execute the Agreement and all documents necessary to effectuate the staff recommendation.