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CC:HA - ACTION ITEM: Discussion and (if Desired) Approval of a Request by Community Corporation of Santa Monica to Modify the Revised Construction and Permanent Loan Commitment Letter in the Amount of $4 million to Remove the Local Preference Requirement for the Proposed 100% Affordable Housing Development Located at 4464 Sepulveda Boulevard, Culver City, CA 90230 to Meet Eligibility Criteria under the Los Angeles County Development Authority Multi-Family Rental Housing Notice of Funding Availability 28 for Project-Based Rental Assistance.
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Meeting Date: December 05, 2022
Contact Person/Dept.: Tevis Barnes, Housing and Human Services Department
Phone Number: (310) 253-5782
Fiscal Impact: Yes [X] No [] General Fund: Yes [] No [X]
Attachments: Yes [X] No []
Commission Action Required: Yes [] No [X] Date:
Commission Name:
Public Notification: (E-Mail) Meetings and Agendas - City Council (11/30/2022); Community Corporation of Santa Monica (11/29/2022); and Culver Palms United Methodist Church (12/01/2022).
Department Approval: John Nachbar, City Manager (11/30/2022)
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RECOMMENDATON:
Staff recommends the City Council and the Housing Authority ("Authority") Board discuss and, if desired, approve a request by Community Corporation of Santa Monica ("Community Corp") to modify the revised Construction and Permanent Loan Commitment Letter ("Commitment Letter") in the amount of $4 million to remove the stipulation for a local preference requirement for the proposed 100% affordable housing development located at 4464 Sepulveda Boulevard, Culver City, CA 90230 to meet eligibility criteria under the Los Angeles County Development Authority ("LACDA") Multi-Family Housing Notice of Funding Availability ("NOFA") 28 for project-based rental assistance.
BACKGROUND:
On June 13, 2022, the City Council and Authority Board jointly approved an increas...
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