REPORT TO COUNCIL
SUBJECT
Title
Action on Loan Agreement with Allied 2904 Corvin, LP for a Loan of up to $5,000,000 to Support the Construction of 145 Affordable Housing Units at 2904 Corvin Drive and Approve the Related Budget Amendment
Report
BACKGROUND
The project, Corvin Apartments, is a 100% affordable residential rental development, to be constructed on a 1.08-acre site at 2904 Corvin Drive, Santa Clara, APN: 216-33-034 ("Site"). The development will contain 145 units consisting of 80 units for formerly chronically homeless residents with income levels at or below 30% of Area Median Income ("AMI"), 64 units for residents with income levels at or below 60% AMI, and 1 unrestricted two-bedroom manager's unit (collectively, "Project"). All of the units will be 285-square foot studios with the exception of a 990-square foot two-bedroom manager unit. The building will include a community room, a computer room, onsite laundry, and a full array of supportive services provided by Abode Services ("Development").
The developer of the project is Allied Housing, Inc. ("Allied"), in partnership with Abode Services as the primary service provider and the John Stewart Company as the property manager. Allied executed the acquisition on September 6, 2018 for a purchase price of $9,500,000 with financing from Housing Trust Silicon Valley.
The site is located within the Lawrence Station Area Plan ("Area Plan") and has all of the zoning and general plan designations required for the development of a high density residential project, as proposed. The Area Plan is intended to guide development in a specific geographic area, and it establishes development policies and sets forth design standards and guidelines applicable to properties within the boundary of the Area Plan. Proposals for development within the Area Plan are required to be consistent with the policies, standards and guidelines contained in the Area Plan. The proposed housing development is consistent with the A...
Click here for full text