City Council

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