30008 : HOUSING AND WORKFORCE SOLUTIONS (HWS): Approve the Form of Loan Agreement for the Use of HOME Funds for 6th Street Seniors Apartments and All Attachments Thereto, in the City of Coachella, and Authorize the Director of HWS to Execute the HOME Loan Agreement, Covenant Agreement, and Subordination Agreements; District 4. [$1,575,000 - 100% HOME Investment Partnerships Act Funds] [Affirming Finding of No Significant Impacts pursuant to NEPA]

This item authorizes the County of Riverside Housing and Workforce Solutions (HWS) to execute a $1,500,000 HOME Investment Partnerships Act loan agreement with 6th Street Seniors CIC, LP for the development of the 6th Street Seniors Apartments in the City of Coachella. The project involves constructing a 53-unit affordable rental housing complex for low-income seniors on approximately 0.86 acres at 51392 Cesar Chavez Street (APNs 778-113-001 and 778-113-002).

Key Provisions:

• Funding: The $1,575,000 total allocation includes $1,500,000 in construction/development loan funds and $75,000 for direct HWS staff management costs.
• Affordability: 11 units are designated as HOME-assisted units, restricted for 55 years to households with incomes at or below 30% of the Area Median Income (AMI).
• Project Scope: The complex will feature 46 one-bedroom units, 6 two-bedroom units, and 1 manager's unit. 10 units are specifically restricted for individuals with developmental disabilities via the Inland Regional Center.
• Financing Structure: The HOME loan is secured by a fourth-priority deed of trust. The project also utilizes $15.45 million in federal Low-Income Housing Tax Credit (LIHTC) equity, $8.29 million from a City of Coachella Community Facilities District (CFD), and $7.67 million from the Strategic Growth Council's Transformative Climate Communities (TCC) program.
• Compliance: The project affirms a Finding of No Significant Impact under NEPA (National Environmental Policy Act) and must comply with the Build America, Buy America Act (BABA) for all infrastructure materials.

Timeline:

• Construction Start Deadline: April 30, 2026.
• Loan Maturity: March 31, 2081.
• Lease Deadline: Within 6 months of the recorded Notice of Completion.