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Oasis Senior Villas HOME Loan Agreement • Page 2 <br />BACKGROUND: <br />In February of 2019, the Housing Authority received an over-the-counter funding proposal from A <br />Community of Friends, a California nonprofit corporation and general partner of Riverside <br />Supportive Housing, L.P., for the Oasis Senior Villas (Project), a 95 -unit affordable senior housing <br />project to be located at 2340 Fourteenth Street in the Eastside Neighborhood. The Project will <br />consist of 82 one -bedroom units and 13 two-bedroom units. The development will be a 100% <br />senior community targeting very low-income senior citizens with half of the units set aside for <br />seniors who are homeless and living with behavioral health conditions. Amenities will include a <br />large community room with a computer room, fitness center, and community gathering and <br />recreation space. Outdoor amenities may include a community garden, recreational opportunities, <br />and barbeque/picnic area. A Community of Friends formed Riverside Supportive Housing LP as <br />a project specific legal subsidiary to complete the Oasis Senior Villas Project, which is why the <br />Riverside Supportive Housing, LP is signatory to the City's loan documents. <br />A rendering of the Project is shown below. <br />In December of 2020, the City Council approved Resolution R-23658 articulating a City <br />commitment of $2 million in support of State and Federal funding applications that were needed <br />to fill the project's remaining subsidy gap. <br />DISCUSSION: <br />A Community of Friends submitted a funding application to the Housing Authority requesting $2 <br />million in financial assistance for the Oasis Senior Villas Project that will produce 93 affordable <br />housing units for seniors and two manager units. <br />The Project is expected to be financed through the following funding sources: <br />