DATE: June 20, 2023
TO: Board of Supervisors
SUBMITTED BY: Steven E. White, Director
Department of Public Works and Planning
SUBJECT: Amendment I to Permanent Local Housing Allocation Loan Agreement with Mendota Esperanza Commons, LP for the Esperanza Commons Apartments Project in the City of Mendota
RECOMMENDED ACTION(S):
TITLE
Approve and authorize Chairman to execute Amendment I to Agreement No. 21-480 with Mendota Esperanza Commons, LP for the development of the Esperanza Commons, an affordable multi-family apartment project in the City of Mendota, effective upon execution with no change in term, and increasing the maximum Permanent Local Housing Allocation funding by $488,819 to a total Permanent Local Housing Allocation funding amount not to exceed $2,050,000.
REPORT
The recommended action will provide an additional $488,819 in Permanent Local Housing Allocation (PLHA) funds for the development of Esperanza Commons affordable multi-family apartment project (Project), increasing the PLHA funds from $1,561,181 to $2,050,000. The balance of funds needed to complete the financing of the Project will be from non-County funds and include a variety of other public and private funding sources. The PLHA loan agreement is with Esperanza Commons, LP, a California Limited Partnership (the Partnership), consisting of Silvercrest, Inc., a nonprofit corporation, serving as the Managing General Partner, and Esperanza Commons AGP, LLC, as the Administrative General Partner and project developer, of which the Housing Authority of Fresno County is a member. The additional funds are needed due to increased construction costs. The total Project cost is estimated at $20,552,430. This item pertains to a location in District 1.
ALTERNATIVE ACTION(S):
Your Board may deny the recommended amendment, or make any changes, as appropriate, and consistent with the State regulations governing the PLHA Program. If the County does not approve PLHA funding for the Project, this 6...
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