HomeMy WebLinkAboutR-10981 AUTHORIZE CONVERSION of 3 AFFORDABLE HOUSING PROPERTIES 814, 828, 830 Lawrence Dr FROM THE CITY’S LONG-TERM AFFORDABLE HOUSING PROGRAM TO EQUITY-SHARE PROGRAMRESOLUTION NO. 10981 (2019 SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, TO AUTHORIZE THE COMMUNITY
DEVELOPMENT DIRECTOR TO CONVERT THREE AFFORDABLE
HOUSING PROPERTIES WITHIN THE MOYLAN TERRACE
DEVELOPMENT FROM THE CITY'S LONG-TERM AFFORDABLE
HOUSING PROGRAM TO THE EQUITY -SHARE PROGRAM
WHEREAS, on June 30, 2011 the City of San Luis Obispo (the "City") and the Housing
Authority of the City of San Luis Obispo ("Owner") entered into an Affordable Housing
Agreement (the "Agreement") to provide twenty (27) "for -sale" units and one (1) "for -rent" unit
a new residential development located at 851 Humbert Avenue, commonly known as Moylan
Terrace (the "Project"); and
WHEREAS, the Agreement was recorded in the Official Records of San Luis Obispo
County on October 18, 2011 as Document #2011052125 and was amended on August 7, 2015 to
update locations of the affordable units; and
WHEREAS, on December 17, 2012, the owner requested the City to develop
implementation documents (the "Documents") for an equity -share program for all of the "for -sale"
affordable units in the Project; and
WHEREAS, the construction of the Phase 1 of the Project was completed prior to the
City's completion of the Documents; and
WHEREAS, the three (3) affordable units (the "Units") located in Phase 1 of the Project
were sold under the City's Long -Term Affordable Housing Program, located at 814 Lawrence
Drive, 828 Lawrence Drive, and 830 Lawrence Drive; and
WHEREAS, the City completed the Documents and the subsequent twenty-four (24)
affordable units in the Project were sold under the City's Equity -Share Program; and
WHEREAS, the City and the owners of the Units each individually entered into a Purchase
Money Deed of Trust and supplemental Promissory Note at the time of escrow; and
WHEREAS, on October 25, 2018, the Owner submitted a request to the City to convert
the Units from the City's Long -Term Affordable Housing Program to the City's Equity -Share
Program.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis Obispo
as follows:
SECTION 1. Community Development Director Authority. The Community
Development Director is hereby authorized to execute an agreement, in a form subject to the
approval of the City Attorney, converting the Long -Term Affordability deed restriction to an
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Resolution No. 10981 (2019 Series)
Page 2
"Equity -Share" program consistent with Section 17.138.150 of the City's Municipal Code. The
Community Development Direct is further authorized to take any other actions necessary to
implement the intent of this Resolution.
SECTION 1. Environmental Review. The action to convert three affordable housing
properties within the Moylan Terrace Development to the City's Equity -Share Program is exempt
from the provisions of the California Environmental Quality Act (CEQA), because it does not
constitute as a "Project" under the CEQA Guidelines § 15378.
Upon motion of Council Member Christianson seconded by Council Member Gomez, and on the
following roll call vote:
AYES: Council Members Christianson, Gomez, and Stewart,
Vice Mayor Pease, and Mayor Harmon.
NOES: None
ABSENT: None
The foregoing resolution was adopted this 19`h day c
ATTEST:
Teresa Purrington, City Cle
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City
of Sari Luis Obispo, California, this y" day of �-ktwck,\ , 10 1
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Teresa Purrington, City Cle
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