This resolution allows the Treasure Island Development Authority to secure a low-interest loan of up to $3,000,000 from the Bay Area Housing Finance Authority to support the development of affordable senior housing on Treasure Island. It also authorizes the Authority to manage and use these funds for related infrastructure improvements over a three-year period, with possible extensions.
Resolution authorizing the Treasure Island Director of Treasure Island Development Authority (“Authority”) to execute an Affordable Housing Loan Agreement with the Bay Area Housing Finance Authority (“BAHFA”) under the Regional Early Action Planning Grant 2.0 (“REAP 2.0”) Priority Sites Pilot Program for a total award of up to $3,000,000 to be disbursed as an unsecured low-interest loan from BAHFA to the Authority to fund design, permitting, or construction of infrastructure improvements serving the affordable housing parcel E1.2 Senior Housing project on Treasure Island with a loan term of three years from the execution date of the Affordable Housing Loan Agreement, with the option for two one-year extensions; authorizing the Authority to accept and expend the funds of up to $3,000,000 for eligible costs approved by BAHFA; and authorizing the Treasure Island Director to execute and deliver any documents, including a Memorandum of Agreement with Treasure Island Community Development LLC, in the name of the Authority that are necessary, appropriate or advisable to accept and expend the Priority Sites funds from the BAHFA.
How it got here
The legislation originated from the need to fund infrastructure improvements for affordable housing on Treasure Island, prompted by a grant from the Bay Area Housing Finance Authority.
The Bay Area Housing Finance Authority issued a Funding Application Notice under the Regional Early Action Planning Grant 2.0 Priority Sites Pilot Program.
TIDA submitted a Letter of Interest for funding under the Priority Sites program.
TIDA submitted a complete application for the Priority Sites funding to BAHFA.
BAHFA adopted a resolution committing $3 million to TIDA for the project.
TIDA passed a resolution authorizing the execution of an Affordable Housing Loan Agreement with BAHFA for the $3 million funding.
The Board of Supervisors adopted the resolution authorizing TIDA to accept and expend the funds for infrastructure improvements.
Reconstructed from attached documents & the official record
