ORDINANCE NO. 250870
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Sponsor: Director of Housing and Community Development Department
Accepting the recommendation of the Housing Trust Fund Advisory Board for additional funding in the amount of $1,000,000.00 to the Jazz Hill Homes project developed by Flaherty & Collins Development, LLC, located on the 900 and 1000 blocks of Paseo Boulevard; reducing existing appropriations of the Housing Trust Fund, Fund No. 2490 by $1,000,000.00 and appropriating the same; and authorizing the Manager of Procurement Services to execute the necessary documents to amend the funding agreements in accordance with this Ordinance.
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WHEREAS, on December 20, 2018, by Committee Substitute for Ordinance No. 180719, the City Council established the Housing Trust Fund to implement neighborhood revitalization, housing development, and preservation projects proposed by the City and in coordination with private developers that are undertaking projects in alignment with the City's Housing policy; and
WHEREAS, on November 4, 2021, the City Council passed Ordinance No. 210873 establishing the Housing Trust Fund Board to review applications, with reporting requirements, and funding allocation direction and prioritization of fund use; and
WHEREAS, on December 16, 2024, the Housing Trust Fund Board adopted a Budget Modification Policy in response to increases in construction costs and or supply chain disruptions, allowing previously awarded projects to make a one-time additional funds request; and
WHEREAS, Flaherty & Collins proposed Jazz Hill Homes, an affordable housing development project on the 900 and 1000 blocks of Paseo Boulevard, revitalizing ten historic buildings and providing 181 units of affordable housing; and
WHEREAS, Flaherty & Collins was awarded $1,000,000.00 through Ordinance No. 230962 under Round 3 of the Housing Trust Fund program to support the development of Jazz Hill Homes; and
WHEREAS, the Developer subsequently ide...
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