City Council

10. FINANCE COMMITTEE: AMENDMENT OF THE HOUSING DEPARTMENT’S FISCAL YEAR 2024\nOPERATING BUDGET IN THE AMOUNT OF $1,903,121; APPROVAL OF KEY BUSINESS TERMS OF\nAFFORDABLE\nHOUSING LOAN AGREEMENT WITH DOOR OF HOPE FOR THE DEVELOPMENT OF A\nTRANSITIONAL HOUSING PROJECT AT 724 NORTH MARENGO AVENUE TO SERVE UNHOUSED\nPERSONS AND\nFAMILIES (Housing Dept.)\nRecommendation: It is recommended that the City Council:\n(1) Find that the proposed housing financing and development activities, as described in the agenda\nreport, do not have a significant effect on the environment and have been determined to be categorically exempt\nfrom the\nCalifornia Environmental Quality Act under Section 15301(e)(2) (Class 1, Existing Facilities), and that there\nare no features that distinguish this project from others in the exempt class, and therefore, there are no unusual\ncircumstances;\n(2) Approve a budget amendment appropriating a total of $1,903,121 consisting of: a) $1,200,000 from\nthe Inclusionary Housing Trust Fund unappropriated fund balance, b) $500,000 from the HOME Fund\nunappropriated fund\nbalance, and c) $203,121 from the Housing Successor Fund unappropriated fund balance to the Housing\nDepartment’s FY 2024 Operating Budget to fund the proposed City loan for the Door of Hope Transitional\nHousing Project;\n(3) Approve certain key business terms, as described in the agenda report, of the proposed Affordable\nHousing Loan Agreement with Door of Hope; and\n(4) Authorize the City Manager to execute any and all documents necessary to effectuate the staff\nrecommendation.\nCORRESPONDENCE\nSUPPLEMENTAL MATERIAL RECEIVED AFTER POSTING OF AGENDA\nCORRESPONDENCE