Title
Approving issuance of a $241,157.97 ERA2 loan and execution of the loan agreements and related documents for the Joseph’s Pointe at Upper Landing Project, 200 Wilkin Street (District 9, Ward 2).
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WHEREAS, on March 21, 2021, the United States Congress passed the American Rescue Plan Act of 2021, Pub. L. No. 117-2 (the “Second Act”) in response to the ongoing effects of the COVID-19 public health emergency; and
WHEREAS, under the Second Act, the U.S. Department of Treasury (“Treasury”) allocated $11,588,419.60 to the City (the “ERA2 Funds”); and
WHEREAS, RES PH-21-319 authorized the City to accept the ERA2 funds; amend the 2021 budget to incorporate and appropriate the funds; and execute necessary agreements; and
WHEREAS, in accordance with the Second Act, after October 1, 2022, if at least 75 percent of total ERA2 funds have been obligated to eligible uses related to housing and housing stability services, remaining funds can be used for other affordable housing purposes as defined by the Secretary of the Department of Housing and Urban Development (“HUD”) to assist very low-income families; and
WHEREAS, to date, the City has obligated and/or expended 98% of ERA2 for eligible uses related to housing and housing stability services; and,
WHEREAS, on March 24, 2024, Treasury published FAQ 46 updating guidance for affordable housing developments using ERA2 funds; and
WHEREAS, the City found that the proposed uses of the Project are eligible to be funded by ERA2 as identified in FAQ 46, which identifies the following eligible expenses: “the acquisition of real property for the purpose of constructing, rehabilitating, or preserving affordable rental housing projects serving very low-income families; and predevelopment activities that enable the construction, rehabilitation, or preservation of affordable rental housing projects serving very low-income families, including architectural and engineering design, planning, permitting, surveys, appraisals, and en...
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