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<br /> <br />Option #1: Award of affordable housing development funds for an amount up to <br />$8,522,740, per CSG Advisors gap analysis report. <br /> <br />Option #2: Award of affordable housing development funds for an amount up to <br />$8,795,000, per Keyser Marston Associates gap analysis report. <br /> <br />Option #3: Take no additional action to fund the project at this time. <br /> <br /> <br />C)Aqua Housing, Community Development Partners: <br /> <br />Option #1: Amend the original project award with an additional 31 project-based <br />vouchers. <br /> <br />Option #2: Take no additional action to fund the project at this time. <br /> <br /> <br />D)Tiny Tim Plaza, Community Development Partners: <br /> <br />Option #1: Commit to a future award of affordable housing funds for an amount <br />up to $11.7 million per CSG Advisors gap analysis report. Award of <br />funds to follow the approval of the project by the Planning <br />Commission and City Council pending the availability of funds. <br /> <br />Option #2: Take no action to fund the project at this time. <br /> <br /> RECOMMENDED ACTIONS: <br /> <br /> <br />1.Staff recommends the approval of items 1A option 1, 1B option 1, 1C option 1, 1D <br />option 1, and items 2 and 3. <br /> <br /> <br />2.Direct staff to prepare the necessary commitment letters and loan documents for <br />City Council consideration at the June 20, 2017 City Council meeting or other <br />future date. <br /> <br /> <br />3.Direct staff to develop a policy and criteria for the allocation of future affordable <br />housing development funds. <br /> <br /> <br /> <br /> <br />65B. CITY FINANCIAL REVIEW/AUDIT PRESENTATION – City Manager’s Office; and <br />Finance and Management Services <br /> <br /> <br />65C. APPROVE MODIFICATIONS TO THE CITY’S BUDGET AND FINANCIAL <br />POLICIES {STRATEGIC PLAN NO. 4, 1}- Finance and Management Services <br /> <br />Consideration of matter continued from the April 18, 2017 City Council meeting to the <br />May 2, 2017 City Council meeting by a vote of 5-0 (Sarmiento and Tinajero absent). At the <br />CITY COUNCIL AGENDA 11 JUNE 6, 2017 <br /> <br /> <br />