TO: Board of Supervisors
FROM: Ryan J. Alsop, County Executive Officer
REPORT BY: Jennifer Palmer, Director of Housing & Homeless Services
SUBJECT: Reservation of Affordable Housing Funds for 41-unit Permanent Supportive Housing Project
RECOMMENDATION
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Director of Housing & Homeless Services requests the Board of Supervisors adopt a Resolution reserving $1,550,000 from the Affordable Housing Fund to assist Jamboree Housing Corporation with the development of 41 permanent supportive housing units.
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EXECUTIVE SUMMARY
Jamboree Housing Corporation (JHC), LLC, has secured site control of one (1) parcel located at 515 Silverado Trail in the City of Napa, comprised of approximately 1.05 acres for the purposes of building forty (40) permanent supportive housing units (PSH) and one (1) manager's unit. The initial financing plan for the project assumes the majority of funding will come from both 4% Tax Credits and California Department of Housing and Community Development ("HCD") Super NOFA. The City of Napa approved a loan to JHC in January 2023 in the amount of $2,000,000. JHC has submitted a request to the County for $1,550,000 in permanent construction financing prior to submission of the HCD Super NOFA application due in April 2024.
FISCAL & STRATEGIC PLAN IMPACT
Is there a Fiscal Impact?
Yes
Is it currently budgeted?
No
Where is it budgeted?
If approved, it will be budgeted in Fund 2080.
Is it Mandatory or Discretionary?
Discretionary
Discretionary Justification:
There is no mandate to reserve Affordable Housing funds for an specific project
Is the general fund affected?
No
Future fiscal impact:
If approved, staff will return with a budget adjustment at the time when all project sources are confirmed and loans need to close.
Consequences if not approved:
JHC may not be competitive in the HCD Super NOFA in April 2024.
County Strategic Plan pillar addressed:
Healthy, Safe, and Welcoming Place to Live, Work, and Visit
ENVIRONMENTAL IMPACT
ENVIRONMENTAL...
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