Council conditionally commits $5 million in HOME funds and land loan to 106‑unit affordable housing project at 5th & Meridian
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Summary
San Bernardino approved a conditional funding package — including $5 million in HOME funds, a $1.2 million low‑mod loan and a $3.59 million land loan — and an option to sell city property to JHC Acquisitions LLC for a proposed 106‑unit affordable development at 5th Street and Meridian; council voted unanimously.
The San Bernardino City Council unanimously approved a conditional financing package and an option to purchase city land for a proposed affordable housing development at 5th Street and Meridian.
Staff described the proposed project as a roughly $72 million capital stack to produce 106 affordable units on a 16‑parcel site (one parcel privately owned), with unit mix including one manager’s unit, 35 one‑bedrooms, 32 two‑bedrooms and 43 three‑bedrooms and targeting households from extremely low to moderate incomes (roughly 30%–70% of area median income). The city would donate the land and provide loans: $5,000,000 in HOME funds conditionally committed, a $1,200,000 low‑moderate loan for impact fees and a $3,590,000 land loan with repayment structured during the affordability period through residual receipts.
"It's a 106 units," a staff presenter said. "Currently, it's proposed to be $72,000,000 so the city is donating the land. First, we're gonna conditionally commit HOME funds..."
Council members thanked staff and recognized the project as part of the city’s recent stretch of affordable housing approvals. Council discussion praised prior work by former councilmembers and staff to secure financing; one councilmember noted covenants would likely preserve affordability for decades.
The council approved the motion to conditionally commit the funds and enter an option to purchase with a unanimous vote. The staff presentation and the motion record indicate the loans are structured to be repaid from project residual receipts during the affordability period and that the commitments are conditional upon successful capital stack and TCAC (tax credit) funding steps.
The meeting also recorded other votes: the council approved a mayor pro tem nomination, a set of consent calendar items, and an appointment by voice vote, and later passed a ministerial property tax transfer for a LAFCO parcel by a 4–2 vote (see 'Votes at a glance').
