SUBJECT: Authorizing a Letter of Conditional Funding Commitment Reservation of U.S. Department of Housing and Urban Development (HUD) Home Investment Partnership Program American Rescue Plan (HOME-ARP) Funding Towards an Affordable Rental Housing Construction Project at 3015 Park Avenue, Merced, for up to $1,690,461.30 of the City’s Allocation of HUD HOME-ARP Funding REPORT IN BRIEF Considers authorizing a conditional funding commitment reservation letter to be signed and issued to UPholdings California, LLC, developer of the future Mercy Village Apartments, a 66-unit affordable housing project to be located at 3015 Park Avenue, Merced, for up to $1,690,461.30 of the City’s allocation of HUD HOME-ARP funding. RECOMMENDATION City Council - Adopt a motion: A. Authorizing a Conditional Commitment Reservation letter, following review as to form by the City Attorney, to be provided to UPholdings California, LLC, developer of the future Mercy Village affordable housing project at 3015 Park Avenue for up to $1,690,461.30 of the City’s allocation of HUD HOME-ARP funding; and, B. Authorizing the City Manager to execute all related documents; and, C. Authorizing the Finance Officer to make the necessary budget adjustments.

Committee

City Council/Public Finance and Economic Development Authority/Parking Authority

Requested by

Development Services Department

Introduced

January 31, 2024

On agenda

February 20, 2024

Passed

February 20, 2024

Where it was heard

City Council/Public Finance and Economic Development Authority/Parking Authority Feb 20, 2024 approved Pass

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