City Council

15. FINANCE COMMITTEE: AMENDMENT OF THE HOUSING DEPARTMENT’S FISCAL YEAR 2024 OPERATING BUDGET IN THE AMOUNT OF $379,900; APPROVAL OF KEY TERMS OF HOUSING ACQUISITION LOAN AGREEMENT WITH HERITAGE HOUSING PARTNERS TO PROVIDE PURCHASE FINANCING IN AN AMOUNT NOT-TO-EXCEED $379,900 TO IMPLEMENT PURCHASE OPTIONS ON AFFORDABLE HOMEOWNERSHIP UNIT AT 588 NORTH FAIR OAKS AVENUE, #103 (Housing 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 $379,900 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.