Item 07 - 2024 General Plan Annual Progress Report

Home Browse Search

Attachment B Name of Program Objective Timeframe in KE Status of Program Implementation In CY 2024, the City continued to monitor Warwick Square Apartments, a project at risk A. Annually monitor the status of at -risk of converting to market rate, as part of its efforts to preserve affordable housing. The housing projects, specifically the Warwick City remains in contact with the property owners and has met with them to discuss Square, Highland Manor, and other projects options for preserving the property's affordability. On July 8, 2024, the owners of 31. Preservation of At Risk that may have expiring affordability Warwick Square sent a proposal to the City requesting $3.5 million and 8 project -based Housing covenants. Contact owners of properties at Ongoing vouchers. The City completed a financial analysis of their proposal on November 5, risk of conversion within one year of 2024. Staff are still reviewing the analysis and proposal to determine if any funding expiration to discuss City's desire and could be provided by the City for this project. Regarding Highland Manor, in June 2024, support to preserve projects as affordable the owner submitted an application to TCAC for additional tax credits. The City housing. conducted a Local Reviewing Agency Project Evaluation Form strongly supporting the project. In CY 2024, the City continued to monitor Warwick Square Apartments, a project at risk of converting to market rate, as part of its efforts to preserve affordable housing. The B. Coordinate with property owners to City remains in contact with the property owners and has met with them to discuss ensure notices to tenants are sent out at options for preserving the property's affordability. On July 8, 2024, the owners of 31. Preservation of At Risk three years, twelve months, and six Warwick Square sent a proposal to the City requesting $3.5 million and 8 project -based Housing months; educate tenants regarding tenants' Ongoing vouchers. The City completed a financial analysis of their proposal on November 5, rights and conversion procedures pursuant 2024. Staff are still reviewing the analysis and proposal to determine if any funding to state law (Government Code Section could be provided by the City for this project. Regarding Highland Manor, in June 2024, 65863.13). the owner submitted an application to TCAC for additional tax credits. The City conducted a Local Reviewing Agency Project Evaluation Form strongly supporting the project. In CY 2024, the City continued to monitor Warwick Square Apartments, a project at risk of converting to market rate, as part of its efforts to preserve affordable housing. The City remains in contact with the property owners and has met with them to discuss C. As resources are available, contact options for preserving the property's affordability. On July 8, 2024, the owners of 31. Preservation of At Risk agencies interested in purchasing and/or Warwick Square sent a proposal to the City requesting $3.5 million and 8 project -based Housing managing at -risk units, including entities Ongoing vouchers. The City completed a financial analysis of their proposal on November 5, from the State's qualified entities list. 2024. Staff are still reviewing the analysis and proposal to determine if any funding could be provided by the City for this project. Regarding Highland Manor, in June 2024, the owner submitted an application to TCAC for additional tax credits. The City conducted a Local Reviewing Agency Project Evaluation Form strongly supporting the project.