CC Resolution 11841:a ,
RESOLUTION NO. iis4i
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
APPROVING A BUDGET ADJUSTMENT FOR AONE-TIME REVOCABLE GRANT
OF $84,577 FROM THE CITY OF CAMPBELL HOUSING ASSISTANCE FUND TO
CHARITIES HOUSING DEVELOPMENT CORPORATION TO COVER THE INITIAL
COSTS ASSOCIATED WITH THE TRANSFER OF THREE AFFORDABLE SENIOR
HOUSING UNITS LOCATED AT 2011 POLLARD ROAD, 88 LLEWELLYN AVENUE,
AND 1120 FAIRLANDS COURT IN THE CITY OF CAMPBELL
WHEREAS, the City's General Plan Housing Element has a goal of preserving the
City's affordable housing stock, supporting special needs groups such as low-income
senior citizens, and preventing homelessness; and
WHEREAS, the attached budget adjustment for the revocable grant will help to
preserve the long-term affordability and maintenance of the three homes in the City's
affordable housing stock to benefit very low income seniors, 62 years of age and older.
WHEREAS, all of the documents and financial assistance obligations that were
previously provided for the acquisition and rehabilitation of the three Campbell homes
would be assumed by Campbell Senior Homes, a limited Liability Company (LLC)
formed by Catholic Charities and Charities Housing Development Corporation; and
WHEREAS, the funding is requested to cover expenses related to the transfer of the
three homes from Senior Housing Solutions to Campbell Senior Homes LLC; and
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Campbell
hereby approves the $84,577 revocable grant from the City of Campbell Housing
Assistance Fund to cover 100% of the initial costs associated with the transfer of the
three homes, and approves the attached budget adjustment.
PASSED AND ADOPTED this 16th day of June, 2015 by the following roll call
vote:
AYES: COUnCIlmemberS: Gibbons, Resnikoff, Kotowski, Baker, Cristina
NOES: Councilmembers: None
ABSENT: Councilmembers: 'None
A EST:
Wendy ood, City Clerk
APPROVED:
Jeffrey R. isti ,Mayor
City of Campbell
Request for Budget Adjustments
Departmendl'rogram Division Date 12equest No.
Community llevelopment Housing Assistance June 24, 2015 BA 21
Budget to be Reduced
Fund Account Number Description Amount
233 6090 Beginning Fund Balance Housing Assistance Fund 84,577
Budget to be Increased
Fund Account Number Description Amomrt
233.57 7457 Housing Grant Charities Housing 84,577
closing costs
REASON FO12 REQUEST - BE SPECIFIC:
Appropriation budget o f $84,577 for closing and legal costs for loans transfer from Senior Housing Solutions
to Charities Housing.
Paul Kennnyan ~ ~r
Jesse Takahashi /~ ark Linder
Community Development Director Finance Directo l.G Cih~ Manager