Title
Conditional Funding Commitment Letter to the Housing Authority of the County of Monterey for the Development of the Division Street Properties (921 E. Market Street and 115-151 Division Street)
Recommended Action
Approve a Resolution authorizing the City Manager, or designee, to finalize, execute and issue a Conditional Funding Commitment Letter to the Housing Authority of the County of Monterey (HACM) for the development of a proposed one-hundred percent affordable multifamily rental housing project at the Division Street properties (921 E. Market St. and 115-151 Division St); and the commitment of $1,380,000 in appraised land value of the Division Street properties and $1,700,000 from the LHTF Program funds for project predevelopment and construction cost; and authorizing the appropriation of a FY 24-25 LHTF budget in the amount of $1,700,000.