Fourth District Update_Feb 2020

6 th and Cesar Chavez St Project, Coachella, (Developer- Chelsea Investment Co.):  108 unit multi-family housing for low income families  Developer applied and received Affordable Housing and Sustainable Communities (AHSC) funding from the State.  Developer has applied for $1,000,000 in County HOME funds.  Housing Authority of the County of Riverside (HACR) awarded the project 8 Project Based Vouchers based on the project being awarded AHSC funding on the basis that it secured funding thru an existing competitive process.  Developer applied for 4% tax credits November 2019. If awarded tax credits construction will commence 2 nd quarter of 2020. Paseo De Los Heroes III, Community of Mecca (Developer – The Coachella Valley Housing Coalition):  81 unit multi-family housing for farm worker families  Construction completion 99%.  Anticipated completion date is January 2020.  Project completed, grand opening is scheduled for January 30, 2020 at 11am. ARC Village, Palm Desert (Developer – Allied Affordable Housing)  36 unit multi-family low income housing for special needs  Project was awarded a total of 13 Project-Based Vouchers from the Housing Authority to provide rental subsidies to qualified tenants.  Developer applied for funding to the Multifamily Housing Program (MHP) in August 2019 and was not awarded. Developer is looking to apply for the 2 nd round of MHP funding, applications are due March 2020. Veterans Village, Cathedral City (Developer –Urban Housing Communities)  60 unit multi-family low income housing for veteran housing  City entered into a Development and Disposition Agreement (DDA) with the developer for the land and provided a $1,500,000 loan for the development of the project.  On January 11, 2020 the Board approve a funding resolution in the amount of $1,500,000 in HOME funds.  Project was awarded 53 VASH vouchers by the Housing Authority.  Developer is seeking to apply for funding to the Veterans Housing and Homeless Prevention Program (VHHP), applications to the State are due March 2020. St. Anthony’s Mobile Home Park, Community of Mecca ( Developer – Pueblo Unido):  Pueblo Unido continues to be out of compliance with the State’s Mobile Home Park Rehabilitation and Residential Ownership Program (MPROP). PU considering applying to CalHome funding in partnership with RCAC. Staff recommended that PU apply for development funding from MPROP for St. Anthony’s as that is now an eligible use and RCAC has that experience to strengthen their application. However, the non-compliance factor of their existing HCD grant is still an issue. Villa Verde, Coachella (Developer – Abode Communities):  Former Coachella RDA site located at 84824 Calle Verde.  Predevelopment stage: developer is defining scope, design and finance plan.  Current finance plan: 4% Federal Tax Credits, 4% State Tax Credits, Joe Serna Jr FwHG, and Project based vouchers.  Conceptual project scope includes, 167-units; 2-stories, One-, two-, and three-bedroom units, 100% Affordable - 30-60% AMI  Around 17 dwelling units per acre on a 9.44 acre lot, Includes large open space areas, central promenade, outdoor plaza, pavilion, picnic tables, resident center, splash pad, and tot lot  Service-enhanced with Abode’s in-house service program Beyond Homes  Timeline: 2019 Entitlements / 2020 Funding commitments and building permit / 2021-2022 Construction / 2022 Lease-up & Operations