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5 <br /> THE CITY OF <br /> -• _�_' � "" CITY COUNCIL AGENDA REPORT <br /> pLEASANTON <br /> October 17, 2023 <br /> Community Development <br /> TITLE: APPROVE A $300,000 LOAN TO TRI-VALLEY REACH TO <br /> CONSTRUCT A TWO-BEDROOM ACCESSORY DWELLING UNIT AT <br /> AN EXISTING PROPERTY FOR OCCUPANCY BY VERY LOW- <br /> INCOME ADULTS WITH DEVELOPMENTAL DISABILITIES AND <br /> AUTHORIZE THE CITY MANAGER TO EXECUTE ALL DOCUMENTS <br /> SUMMARY <br /> The non-profit organization Tri-Valley REACH (REACH) operates six existing homes on <br /> single-family properties in Pleasanton for adult residents with developmental disabilities. <br /> REACH has proposed constructing an accessory dwelling unit (ADU) on two of its <br /> single-family properties in Pleasanton (on Tanager Drive and on Hansen Drive) to <br /> provide affordable housing for four additional residents. <br /> Due to delays and increasing construction costs, the City's $552,772 Measure Al "Base <br /> City Allocation'', which was originally projected to fund the construction of both ADUs is <br /> now only sufficient to cover the construction costs of one ADU at the Tanager Drive <br /> property. The Alameda County Board of Supervisors (BOS) has approved the City's <br /> requested allocation and loan contract with REACH for these Measure Al funds to fund <br /> the construction of the Tanager Drive ADU unit. <br /> At its August 15, 2023, meeting, the City Council approved the proposed loan amount <br /> and allocation of a $300,000 loan, compromised of $241,176 in federal HOME funds <br /> and $58,824 in Lower Income Housing Funds (LIHF), to financially assist REACH in <br /> constructing the other two-bedroom ADU at the Hansen Drive property. This agenda <br /> report requests City Council approval of the necessary agreements and other regulatory <br /> documents to formalize the loan to Tri-Valley REACH. <br /> RECOMMENDATION <br /> Staff recommends the City Council adopt a resolution approving the HOME Loan <br /> Agreement, Promissory Note, Deed of Trust, and Amendment to Regulatory <br /> Agreement, (collectively the Loan Documents) and authorize the City Manager to <br /> execute each such document substantially in the forms attached to the resolution, with <br /> non-substantive changes to these documents as may be approved by the City Attorney, <br /> as well as other documents related to the loan. <br />