Fourth District Update_Jan2020

 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  Abode continues to work with the City of Coachella in order to secure project review under SB35. Although the approval has been slower to come than expected, a successful result is expected. Planning Commission hearing is pending, with City Council hearing to follow: Two developer incentives are being requested through Density Bonus (1) minimum dwelling unit size for 1- bedroom units; (2) parking reduction Desert Aids Project, Palm Springs (Developer – Desert AIDS Project):  On February 6, 2018, the Board of Commissioners approved an Exclusive Negotiation Agreement with Desert AIDS Project, to explore and negotiate the possibility of developing an affordable housing project on 2.87 acres of land owned by the Housing Authority and currently being leased out to Desert AIDS Project for parking for their adjacent clinic.  DAP and Coachella Valley Housing Coalition entered into a Memorandum of Understanding for CVHC to provide technical assistance with the planning, entitlement, permitting, financing and development of the project.  DAP is anticipating to start construction June 2023.  Developer is in the process of securing funding for the rehabilitation of the existing 231 units  The Housing Authority has been working in close partnership with the Department of Behavioral Health in trying to identify potential affordable housing projects eligible to apply for the No Place Like Home funding from the State. HCD announced the first round awards of NPLH and Cathedral Palms was awarded $7,712,905. In connection with the NPLH award 68 units will be set aside for homeless clients receiving services from the Department of Behavioral Health.  The Housing Authority awarded the project 68 Housing Choice Voucher Program Project Based Vouchers.  Developer submitted for 4% tax credits in October 2019.If awarded tax credits construction is anticipated to start 2 nd quarter of 2020. The Monarch Apartments, Palm Springs (Developer – Community Housing Opportunities Corporation):  60 unit multi-family low income housing for families  Developer submitted a funding application seeking $500,000 in HOME funding for the development and construction of a 60-unit affordable housing project.  Housing staff is in the process of reviewing the project, budget, applicant’s experience, capacity, and financials.  15 Project Based Vouchers were awarded from the Housing Authority.  Environmental assessment is underway and a staff report and determination is anticipated by December 2019. Developer applied for 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. Cathedral Palms, Cathedral City (Developer – National Core)  231 unit multi-family low income senior housing

CalHome NOFA  HCD NOFA for CalHome funding due February 17, 2020, $5,000,000/per application