HomeMy WebLinkAboutMINUTES - 07231985 - 1.48 To: BOARi7 OF SU.RVISORS t
FROM: Anthony A. Dehae'susR` Contra
Director of Community Development Costa
DATE: July 10, 1985 1 curly
SUBJECT: Approval of E.levent.h Year (1985-86) Community Development Block Grant
(CDBG). Agreement:; Edward F. and Charlotte L. Biggs
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) &. BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
Authorize the C Year CDBG Program Project Agreement
with Edward F. A rggs' and. Char.lotte L. Biggs with° a payment limit of $75,000, acti%vi�ty.
1.1 .33.2 Housing Deyejopment Ass.i�starnce.
FINANCIAL IMPACT:
100% Federal Funds (HUD)
!
BACKGROUND:
On January 15;. 1985, the Board approved the use of Block Grant funds in the form of
subordinate loans in conjucti--on with certain developments in. the Multi-Family Revenue
Bond "Pooled Development" Program. The 20-unit "Del Norte West" apartments are located
in E1 Cerrito. The Housing Authoritywill provide $12,500 for a total of- $87,500
which will pay for; fees' pu`rsuant to the securement of a loan of mortgage revenue bond
funds and fees associated with the issuance of mortgage revenue bonds. These funds
will enable the project to proceed which would not otherwise meet the underwriting
standards of World Savings which establishes a maximum loan amount it will originate.
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CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RE MM N ATlON O ARD MMITTEE
APPROVE OTHER
SIGNATURE(S) .
ACTION OF BOARD ON July 23, 1985 APPROVED AS RECOMMENDED X OTHER
i -
VOTE OF SUPERVISORS
X UNANIMOUS (ABSENT IY.I ) I HEREBY CERTIFY THAT THIS IS A TRUE
AYES: NOES:' AND CORRECT COPY OF AN ACTION TAKEN
ABSENT: ABSTAIN:. AND ENTERED ON THE MINUTES OF THE BOARD
OF SUPERVISORS ON THE DATE SHOWN.
CC: Com munity Devel,Opment ATTESTED .July 23 1985
CAD PHIL BATCHELOR. CLERK OF THE BOARD OF
Audi'torTController SUPERVISORS AND COUNTY ADMINISTRATOR
County Counsel
Contractor p
M382/7-83 - BY DEPUTY