City Council

6. FINANCE COMMITTEE: AMENDMENT OF THE HOUSING DEPARTMENT’S FISCAL YEAR 2024 OPERATING BUDGET IN THE AMOUNT OF $936,000; APPROVAL OF KEY TERMS OF HOUSING ACQUISITION LOAN AGREEMENT WITH HERITAGE HOUSING PARTNERS (HHP) TO PROVIDE PURCHASE FINANCING IN AN AMOUNT NOT-TO-EXCEED $936,000 TO IMPLEMENT PURCHASE OPTIONS ON AFFORDABLE HOMEOWNERSHIP UNITS AT 106 EAST SUMMIT GROVE BOULEVARD, #102 AND 602 NORTH FAIR OAKS AVENUE, #120 (Housing & Career Services Dept.) Recommendation: It is recommended that the City Council: (1) Find that the proposed housing financing and acquisition activity, as described in the agenda report, does not have a significant effect on the environment and has been determined to be categorically exempt under Class 26 (Acquisition of Housing) of the State California Environmental Quality Act (“CEQA”), and specifically, Section 15326 of the State CEQA Guidelines; (2) Amend the Housing Department’s Fiscal Year (FY) 2024 Operating Budget by appropriating $936,000 from the Inclusionary Housing Fund’s unappropriated fund balance for the HHP Housing Acquisition Project; (3) Approve key business terms, as described in the agenda report, of the proposed Housing Acquisition Loan Agreement (the “Agreement”) with Heritage Housing Partners; and (4) Authorize the City Manager to execute the Agreement and all documents necessary to effectuate the staff recommendation.