TO: Board of Supervisors
FROM: Ryan J. Alsop, County Executive Officer
REPORT BY: Jennifer Palmer, Director of Housing & Homeless Services
SUBJECT: Adopt a Resolution reserving $200,000 of Affordable Housing Funds for a 5-unit project in the City of St. Helena
RECOMMENDATION
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Adopt a Resolution reserving $200,000 of Affordable Housing Funds for a 5-unit project in the City of St. Helena (Fiscal Impact $200,000 expense; Affordable Housing Fund; Not Budgeted; Discretionary)
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BACKGROUND
Napa County receives funds under its Affordable Housing and Incentives Ordinance (County Code Chapter 18.107) and implements resolutions to further the development of affordable housing throughout Napa County. Napa Valley Community Housing, a California Non-Profit Corporation, and Our Town St Helena, a California Non-Profit Corporation, have entered into a Memorandum of Understanding and related Options to Purchase Agreement with the intent to partner on the development of one (1) parcel of real property in Napa County, located at 963 Pope Street in St. Helena, for the development of 5 units of Low and Very Low Income Affordable Housing, known as The Pope Street Project ("Project"). The City of St. Helena approved a loan of up to $1,000,000 from the City's Housing Trust Fund and Measure E (Affordable Housing) Fund in August 2023. The financing plan for the Project includes a conditional award from the California Housing and Community Development Department which requires all financing sources to be secured by April 24, 2024. Napa Valley Community Housing submitted a request to the County for permanent construction financing to close the gap between committed and needed project funds in order to meet the HCD funding commitment deadline of April, 2024.
Today's action adopts a Resolution reserving $200,000 of Affordable Housing funds for a 5-unit project in St. Helena from the Affordable Housing Fund, pending submittal(s) confirming all necessary permanent sources o...
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