Title
Amendment No. One to Affordable Housing Loan Agreement with American Family Housing for the Avon River Homekey Project at 1400 Bristol Street, Costa Mesa
Recommendation
a) Find this project and the City Council’s subsequent action are exempt from the California Environmental Quality Act (CEQA) pursuant to Section 15301 (Existing facilities) and Section 15302 (Replacement or Reconstruction) of the CEQA Guidelines, California Code of Regulations, Title 14, Chapter 3, because this project has no potential to have a significant effect on the environment;
b) Approve Budget Amendment No. 27-025, appropriating $262,500 from the Affordable Housing, Restricted Programs unappropriated fund balance for increased expenditures in the Permanent Supportive Housing Account No. 1800011-811055; and
c) Authorize the City Manager to finalize negotiations and authorize the City Manager and City Clerk to execute the Amendment No. One to the Affordable Housing Loan Agreement between the City of Newport Beach and American Family Housing, LLC, to loan an additional $262,500, utilizing the City of Newport Beach’s Affordable Housing Fund, to convert the property at 1400 Bristol Street, Costa Mesa, into permanent supportive housing, provided the terms of Amendment No. One to the Affordable Housing Loan Agreement are substantially similar with the Agreement attached hereto, which terms shall be reviewed and approved by the City Attorney’s Office, and to take any other action necessary to implement Amendment No. One, including, but not limited to, approving and executing additional documents related thereto.