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 $1,500,000 of Affordable Housing Funds for a 77-unit project, known as Monarch Landing, in the City of Napa
RECOMMENDATION
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Adopt a Resolution reserving $1,500,000 of Affordable Housing Funds for a 77-unit project, known as Monarch Landing, located in the City of Napa. (Fiscal Impact $1,500,000 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 implementing resolutions to further the development of affordable housing throughout Napa County. Site control of 1000 Shetler Avenue in the City of Napa is in place via grant deed to Shetler Avenue, L.P. whose general partner is Mayacamas Village Inc. and whose initial Limited Partners is Napa Valley Community Housing. The proposed project, known as Monarch Landing ("Project"), will provide deed-restricted affordable housing to a variety of low and very-low-income residents, including 16 one-bedroom, 34 two-bedroom, and 27 three-bedroom apartments for families and workforce earning less than 60% Median Income. Of the 77 units, 16 units will be designated as permanent supportive housing or other special needs populations (via the Coordinated Entry System).
The initial financing plan for this development assumes the majority of funding will come from both 4% Tax Credits and the California Department of Housing and Community Development ("HCD") Affordable Housing & Sustainable Communities Program ("AHSC"), as well as other state and local sources. The City of Napa approved a loan reservation of up to $2,000,000 from the City's Affordable Housing Impact Fee Fund on June 21, 2022, which expires three years from the date of approval if the project has not secured all necessary funding for formal loan ...
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