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FULL PACKET_2020-12-01
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FULL PACKET_2020-12-01
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11/30/2020 4:26:39 PM
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City Clerk
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Agenda Packet
Agency
Clerk of the Council
Date
12/1/2020
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Quarterly Report for Housing Division <br />December 1, 2020 <br />Page 10 <br />2021. The developer is in third plan check and anticipates full entitlements <br />in January. <br />Existing Projects under Rehabilitation <br />Cornerstone Apartments (805. 810. 815. 816. 825. 835 and 904 S. Minnie Street) <br />Developer <br />Jamboree Housing <br />Description <br />Rehabilitation of a 126-unit affordable housing project originally built in <br />1961. <br />City Funds <br />HOME Investment Partnerships Program ($5,128,152) and Housing <br />Successor Agency $2,054,327 in existing affordable housing loans. <br />Ten existing HOME Program loans and thirty-three existing Housing <br />Successor Agency loans were consolidated into two Amended and <br />Restated Loan Agreements in order to enable the project to re -syndicate <br />and resubordinate existing affordable housing loans to a new senior loan. <br />Construction work started in October 2019 and is currently 59% complete. <br />Update <br />Exterior work is continuing as planned. Due to the circumstances of COVI D- <br />19 and the shelter in place order, interior work construction was temporarily <br />halted in March 2020. Jamboree resumed interior work on June 29, 2020. <br />Assuming there are no further delays, Jamboree anticipates construction <br />completion by the end of October 2020. The project will then transition into <br />stabilization and the permanent loan conversion. The Project anticipates <br />converting to the permanent loan by February 1, 2021. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />Submitted By: Steven A. Mendoza, Executive Director — Community Development Agency <br />Exhibits: 1. Available Funds for Affordable Housing Development Projects <br />2. Available Land Assets for Affordable Housing Development <br />3. Project Timelines <br />19D-10 <br />
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