STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: October 13, 2021
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize the execution of a conditional grant agreement with WPC Acquisition, Inc., a subsidiary of the Wilbow Corporation, Inc. (Developer), or an affiliate thereof, in an amount not to exceed $1,550,000.00 in 2017 Proposition I Bond Funds for public infrastructure and construction costs related to the development of up to 156 market-rate single-family homes, and the dedication of 3.7 acres of land for the development of a park - Not to exceed $1,550,000.00 - Financing: ECO (I) Fund (2017 General Obligation Bond Fund)
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BACKGROUND
WPC Acquisition, Inc., a community development subsidiary of the Wilbow Corporation, Inc. (Developer or Wilbow) submitted a proposal under the City's Notice of Funding Availability (NOFA), issued on August 7, 2020, to receive gap financing in the form of a grant to fund infrastructure in support of the construction of market-rate housing units located within the City limits. The grant is necessary to fund a financial gap related to and in consideration of the Applicant's dedication of 3.7 acres of the site to the City for the proposed development of a public park.
The NOFA was issued by the Department of Housing & Neighborhood Revitalization (Housing) in accordance with the City's Comprehensive Housing Policy (CHP). The Department of Housing and Neighborhood Revitalization administers programs to appropriately incentivize private investment for the development of quality, sustainable housing that is affordable to the residents of the City. Specifically, Housing administers the New Construction and Substantial Rehabilitation Program which-where necessary-seeks to provide financial assistance to new developments or substantially rehabilitate...
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