TITLE:
title
COMMITMENT OF $975,000 IN AMERICAN RESCUE PLAN ACT FUNDS TO FAMILIES FORWARD FOR DEVELOPMENT OF THE BUNGALOWS AFFORDABLE HOUSING PROJECT LOCATED AT 2039 POMONA AVENUE
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DEPARTMENT: CITY MANAGER'S OFFICE
PRESENTED BY: NATE ROBBINS, NEIGHBORHOOD IMPROVEMENT MANAGER
CONTACT INFORMATION: LORI KARAGUEZIAN, SENIOR MANAGEMENT ANALYST, 714-754-5347
RECOMMENDATION:
recommendation
Staff recommends the City Council:
1. Approve the appropriation and allocation of $975,000 in American Rescue Plan Act (ARPA) funds, or any other viable source of funds, to Families Forward for the development of The Bungalows Project, an affordable housing project to serve an estimated 36 individuals, contingent upon the successful completion of a financial feasibility analysis by the City's third-party underwriting consultant, Keyser Marston Associates.
2. Authorize the City Manager or their designee to execute the Funding Agreement and all associated documents, as needed, to bring the project to fruition.
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BACKGROUND:
Project Description
Families Forward is a local 501(c)(3) nonprofit organization, established in 1984 to serve homeless and at-risk families with minor children. Families Forward is an industry leader in high-quality service delivery, enabling each household they serve to achieve independence and stability. The mission of Families Forward is to help vulnerable households achieve and maintain economic stability and self-sufficiency through food, housing, counseling, education, and other support services.
The Bungalows Project ("The Bungalows" or "Project") is located at 2039 Pomona Ave, Costa Mesa, and aims to provide up to 36 individuals with permanent affordable housing and supportive services in eight housing units for Costa Mesa families earning at or below 50% of the Area Median Income for a period of not less than 20 years. Families Forward acquired the property in March 2021 f...
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