City Council

15. FINANCE COMMITTEE: AMENDMENT OF THE HOUSING DEPARTMENT’S FISCAL YEAR 2024\nOPERATING BUDGET IN THE AMOUNT OF $379,900; APPROVAL OF KEY TERMS OF HOUSING\nACQUISITION LOAN AGREEMENT WITH HERITAGE HOUSING PARTNERS TO PROVIDE PURCHASE\nFINANCING IN AN AMOUNT NOT-TO-EXCEED $379,900 TO IMPLEMENT PURCHASE OPTIONS ON\nAFFORDABLE HOMEOWNERSHIP UNIT AT 588 NORTH FAIR OAKS AVENUE, #103 (Housing Dept.)\nRecommendation: It is recommended that the City Council:\n(1) Find that the proposed housing financing and acquisition activity, as described in the agenda report,\ndoes not have a significant effect on the environment and has been determined to be categorically exempt\nunder Class 26 (Acquisition of Housing) of the State California Environmental Quality Act (“CEQA”) and,\nspecifically, Section 15326 of the State CEQA Guidelines;\n(2) Amend the Housing Department’s Fiscal Year (FY) 2024 Operating Budget by appropriating $379,900\nfrom the Inclusionary Housing Fund’s unappropriated fund balance for the HHP Housing Acquisition Project;\n(3) Approve key business terms, as described in the agenda report, of the proposed Housing Acquisition\nLoan Agreement (the “Agreement”) with Heritage Housing Partners; and\n(4) Authorize the City Manager to execute the Agreement and all documents necessary to effectuate the\nstaff recommendation.