Title
McCreesh Place Supportive Housing Loan Extension
Action
Action:
A. Approve a request from Supportive Housing Communities, Inc. to extend the maturity date of the city's deferred affordable housing loan to support McCreesh Place, and
B. Authorize the City Manager to negotiate, execute, amend, and renew any documents necessary to complete the transaction.
Body
Staff Resource(s):
Shawn Heath, Housing & Neighborhood Services
Warren Wooten, Housing & Neighborhood Services
Explanation
* On May 13, 2002, City Council approved a deferred payment Housing Trust Fund loan in the amount of $1,025,542 (Loan) to St. Peter's Homes, Inc., now known as Supportive Housing Communities, Inc. (SHC), for the development of McCreesh Place Phase I.
* SHC has requested that the city extend the terms of the Loan for an additional 20 years.
* The new Loan terms will extend existing affordability requirements through September 2043, and add source of income protections.
* McCreesh Place Phase I was completed in 2003 and is a 64-unit permanent supportive housing sober shared living facility located on approximately one acre at 2120 North Davidson Street (parcel identification number 083-04-809) (Property) in Council District 1. In addition to the 64 shared living units, the building also contains 16 bathrooms and eight kitchens, along with a library, community room, outdoor communal area, and community garden.
* McCreesh Place serves 90 individuals who were formerly homeless, or homeless and have a disabling condition, at both the original 64-unit shared living facility and a Phase II expansion that includes 27 Single Room Occupancy (SRO) units. In 2008, City Council approved $1,100,000 of additional Housing Trust Fund support for the Phase II expansion.
* SHC provides on-site property management, maintenance, and case management to assist McCreesh Place residents in achieving stable housing, and SHC intends to continue operating McCreesh Place as permanent supportive housi...
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