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HA - CONSENT ITEM: (1) Award of 42 Project-Based Vouchers to Community Corporation of Santa Monica for the Jubilo Village 95-Unit 100% Affordable New Construction Project; and (2) Approval of an Agreement to Enter into a Housing Assistance Payments Contract.
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Meeting Date: April 28, 2025
Contact Person/Dept.: Tevis Barnes/Assistant Executive Director Culver City Housing Authority/Housing and Human Services
Phone Number: (310) 253-5780
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Attachments: Yes [] No [X]
Public Notification: Community Corporation of Santa Monica (02/19/2025), Entertainment Community Fund/ Kingdom Development, Inc. (02/19/2025); (E-Mail) Meetings and Agendas - City Council (04/23/2025).
Department Approval: Tevis Barnes, Assistant Executive Director Culver City Housing Authority/ Housing and Human Services Director (04/07/2025)
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RECOMMENDATION
Staff recommends that the Culver City Housing Authority Board (Board) (1) award 42 Project-Based Vouchers (PBVs) to Community Corporation of Santa Monica (CCSM) for the Jubilo Village 95-Unit 100% Affordable New Construction Project; and (2) approve entering into an Agreement to Enter into a Housing Assistance Payments Contract (AHAP).
BACKGROUND/DISCUSSION
The US Department of Housing and Urban Development Department (HUD) provides funding for affordable housing production through PBVs. In Fall of 2024, the Culver City Housing Authority (CCHA) was approved by HUD to issue up to 50 PBVs. PBVs provide developers/owners with a set amount of funding per affordable unit, reducing the rent that unit's tenant must pay, and providing a consistent income stream to the developer/owner. PBVs are part of the way affordable development projects are financed and built. CCHA administers the PBV program for HUD in Culver City. HUD must approve CCHA's budget authority to support the annu...
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