TO: Honorable Mayor and Members of the City Council
THRU: Jarad Hildenbrand, City Manager
FROM: Russell Bunim, Community Development Director
1. SUBJECT
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Appropriation of $220,000 from the Low- and Moderate-Income Housing Asset Fund for the final loan disbursement to Orange 702, L.P. for the Orion Senior Housing Apartments Project
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2. SUMMARY
Authorize the appropriation of $220,000 from the Low- and Moderate-Income Housing Asset Fund to fund the remaining 10% of the City's previously approved $2.2 million affordable housing loan for the Orion Senior Housing Apartments.
3. RECOMMENDED ACTION
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1. Authorize the appropriation of $220,000 from the Low- and Moderate-Income Housing Fund (232) unreserved fund balance to:
232-8001-81999-256019 Orion Senior Housing Apartments Project
2. Authorize the Community Development Director, or designee, to disburse the remaining loan proceeds to Orange 702, L.P. upon verification that all conditions for final disbursement have been satisfied.
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4. FISCAL IMPACT
The expense for this agreement is $220,000 and will be funded through the Low- and Moderate-Income Housing (Fund 232).
5. STRATEGIC PLAN GOALS
Goal 3: Enhance Public Communication Strategy and Quality of Life
6. DISCUSSION AND BACKGROUND
On January 23, 2024, the City Council approved an Affordable Housing Agreement with Orange 702, L.P. to provide a $2.2 million loan from the City's Low- and Moderate-Income Housing Fund (LMIHF) to assist in the development of the Orion Senior Housing Apartments, a 166-unit affordable senior housing community located at 1800 E. La Veta Avenue. The project includes 164 affordable units for extremely low- and lower-income senior households and two manager units.
As part of the approved financing structure, the Affordable Housing Agreement provided that 90% of the City's loan would be disbursed at construction loan closing, with the remaining 10% to be disbursed upon project completion.
The...
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