TO: Board of Supervisors
FROM: Jennifer Palmer, Director of Housing & Community Services
REPORT BY: Jennifer Palmer, Director of Housing & Community Services
SUBJECT: Reservation of Affordable Housing Funds for a 40-unit Affordable Home Ownership Project
RECOMMENDATION
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Adopt a Resolution reserving Two Million Dollars ($2,000,000) of Affordable Housing Funds to assist Community Real Estate Fund LLC with the development of 40 low-income affordable first-time home-ownership housing units; and approve a related Budget Amendment. (Fiscal Impact: $2,000,000 Expense; Affordable Housing Fund; Not Budgeted; Discretionary)
[4/5 vote required]
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BACKGROUND
Napa County receives funds under its Affordable Housing and Incentives Ordinance (County Code Chapter 18.107) which are invested in qualified housing projects to further the development of affordable housing throughout Napa County. Community Real Estate Fund LLC, a Delaware limited liability company, is the owner of the property at 2344 Old Sonoma Road, comprising approximately 8.6 acres and designated by Assessor's Parcel 004-291-015. This site is known in the community as the former Health & Human Services campus.
The Redwood Building is a 40 unit, for-sale, affordable, home ownership project. It consists of three (3) four- (4) story condominium buildings and is located in Napa's Choice Neighborhood Initiative Area, a Prohousing-designated infill site. It offers one (1) and two (2) bedroom homes (752-1,079 sq ft), all for low-income, first-time homebuyers. A small Redwood grove will be preserved as open space. The project is being financed with a combination of private construction financing and public subsidies which include federal New Markets Tax Credit (NMTC) equity.
Community Real Estate Fund LLC submitted applications to the City of Napa in 2021 and 2022 requesting a total of Three Million Seven Hundred Sixty-One Thousand Two Hundred Twenty-Four Dollars ($3,761,224) in permanent construction f...
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