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CC:HA - ACTION ITEM: (1) Consideration of a Request from Community Corporation of Santa Monica (CCSM) for a $16 Million Residual Receipts Loan for the Jubilo Village Affordable Housing Project; (2) FOUR-FIFTHS VOTE REQUIREMENT: If CCSM's Request is Granted, Approval of a Related Budget Amendment; and (3) Direction to the City Manager as Deemed Appropriate.
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Meeting Date: March 10, 2025
Contact Person/Dept.: Jesse Mays, Assistant City Manager
Tevis Barnes, Housing and Human Services Director
Phone Number: City Manager's Office (310) 253-6000
Housing and Human Services (310) 253-5780
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Attachments: Yes [X] No []
Public Notification: (E-Mail) Meetings and Agendas - City Council (03/10/2025)
Department Approval: John Nachbar, (03/06/2025) _____________________________________________________________________
RECOMMENDATION
Staff recommends the City Council (1) consider a request from Community Corporation of Santa Monica (CCSM) for a $16 million residual receipts loan from the City for the Jubilo Village affordable housing project; (2) if CCSM's requested is granted, approve a related budget amendment (four-fifths vote required); and (3) provide other direction to the City Manager as deemed appropriate.
BACKGROUND
Jubilo Village is a proposed 100% affordable housing development at 4464 Sepulveda Boulevard that will provide 93 affordable one, two and three-bedroom apartments to at-risk and low-income households ("Project"). The Project will be service-enriched and provide onsite supportive services through a partnership with Upward Bound House, a Culver City local emergency shelter for homeless children and their families. In addition to providing residents with access to resources, the Project will also include onsite property management services. The Project will be developed in partnership with the property owner, Culver Palms United Methodist Chu...
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