February 13, 2018 Grover W. Taylor Council Chambers
8353 Sierra Avenue Fontana, CA 92335
Welcome to a meeting of the Fontana Housing Authority. A complete agenda packet is located in the binder on the table in the lobby of the Grover W.
Taylor Council Chambers 8353 Sierra Avenue Fontana, CA 92335. To address the Authority, please fill out a card located at the entrance to the left indicating your desire to speak on either a specific agenda item or under Public Communications and give it to the Authority Secretary. Your name will be called when it is your turn to speak. In compliance with Americans with Disabilities Act, the Grover W. Taylor Council Chambers 8353 Sierra Avenue Fontana, CA 92335 is wheel chair accessible and a portable microphone is available.
B. Disposition and Development Agreement - Jamboree Housing Approve a Disposition and Development Agreement (DDA) between the Fontana Housing
Authority and Jamboree Housing Corporation to effectuate development of a 60-unit Apartment Community located at Ramona and Sierra Avenues, and authorize the Executive Director to execute any documents necessary or appropriate to effectuate said approval.
RECOMMENDATION: Approve a Disposition and Development Agreement (DDA) between the Fontana Housing Authority and Jamboree Housing Corporation to
effectuate development of a 60-unit Apartment Community located at Ramona and Sierra Avenues, and authorize the Executive Director to execute any documents necessary or appropriate to effectuate said approval. COMMITTEE GOALS: * To promote affordable housing by construction of high-quality multi-family housing which also serves to address the affordability needs of this community. DISCUSSION: Jamboree Housing Corporation has an extensive history of working collaboratively with the Fontana Housing Authority to develop high-quality, affordable apartment communities throughout the City of Fontana. Since 2001, Jamboree Housing and the Fontana Housing Authority have partnered on seven communities creating over 350 units of affordable housing.
Since the completion of their last development project, Jamboree Housing has expressed a strong desire and commitment to work again with the Fontana
Housing Authority to develop an additional high-quality, affordable apartment community. To that end, Jamboree Housing and City staff have recently negotiated a Disposition and Development Agreement (DDA) in conjunction with a proposed sixty-unit affordable apartment community at the South-West corner of Ramona and Sierra Avenues.
To finance construction of this apartment community, Jamboree Housing Corporation will be applying to the Tax Credit Allocation Committee (TCAC) for
Federal and State Tax Credits. The first financing application will be submitted to TCAC in July 2018. Should a TCAC financing award not be received based upon the July 2018 application submittal, Jamboree Housing Corporation would have the opportunity to re-apply in both March (1st Round) and July (2nd Round) 2019.
In conjunction with an award of tax credits as the primary financing source, the Fontana Housing Authority would also agree to provide a gap loan to
Jamboree Housing. The actual and final gap loan amount will be based upon the final design, cost of construction, and the current pricing available for State and Federal tax credits. The final project budget and actual amount of the gap loan will be considered by the Fontana Housing Authority at a later date and time.
Housing with Heart will provide an on-site resident coordinator to oversee a wide variety of programs, events and activities along with various
resident services at the Learning Center. These will include after-school tutoring, recreation programs, health- related programs and adult education workshops. Housing with Heart currently delivers social service programs and activities on each of Jamboree Housing s existing Fontana facilities. They have demonstrated a history of providing outstanding resident services throughout the Fontana Community.
FISCAL IMPACT: Funds for property acquisition are available in the FY 17/18 budget, Project 9386400297 Ramona Multifamily Apartments. The remaining
funds needed for this project, including the gap loan, will be available through the utilization of Federal HOME program funds, and SERAF repayment monies. These funds will be appropriated when necessary (based upon an award of construction financing) and as they become available. MOTION: Approve staff recommendation. SUBMITTED BY:
THIS DISPOSITION AND DEVELOPMENT AGREEMENT (the Agreement ) dated, for identification purposes only, as of _______________, 2018 (the Date of this
Agreement ), is made and entered into by and between the FONTANA HOUSING AUTHORITY, a public body, corporate and politic (the Authority ), and JHC- ACQUISITIONS LLC, a California limited liability company (the Developer ), with reference to the following: