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5.2. LOAN OF HOUSING FUNDS, INTERNAL FUNDS TRANSFER AND LEASE OF CITY PROPERTY FOR 101-UNIT AFFORDABLE HOUSING DEVELOPMENT-CREEKSIDE PLACE, NOTRE DAME BLVD, APN 002-180-109
The Community Housing Improvement Program, Inc. (CHIP) proposes to develop Creekside Place, a 101-unit affordable apartment complex for extremely low- and low-income seniors on a City-owned property located on Notre Dame Boulevard near Humboldt Road, APN 002-180-109. This property was originally purchased with Community Park funds and has recently been rezoned to accommodate high density residential use. The City has an obligation to utilize Affordable Housing Funds (Redevelopment Agency loan repayments) to produce affordable housing units and receives federal HOME and Community Development Block Grant (CDBG) funds for this purpose, as well. (Report-Marie Demers, Housing Manager)