HomeMy WebLinkAboutMINUTES - 08021988 - 1.57 HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA
TO: BOARD OF COMMISSIONERS DATE: August 2, 1988
FROM: Perfecto Villarreal , Executive Director cc:
SUBJECT: REQUEST FOR SUPPORT OF THE 1988 CALIFORNIA HOUSING
AND HOMELESS BOND ACT
I. RECOMMENDED ACTION:
TAKE A POSITION IN SUPPORT of the 1988 California Housing and Homeless Bond Act,
as recommended by the Advisory Housing Commission.
II. FINANCIAL IMPACT:
None.
III. REASONS FOR RECOMMENDATION/BACKGROUND:
The California Housing and Homeless Bond Act of 1988 will authorize the
issuance of .$450 million in General Obligation Bonds to provide housing for the
homeless, seniors, the handicapped, families and first time homebuyers. California
voters will be asked to approve $300 million in the November, 1988 general election.
An additional $150 million will appear on the ballot in 1990.
The bond proceeds will be divided between the following programs: 1) the
purchase, construction and rehabilitation of shelters and transitional housing for
homeless families and individuals; 2) the construction of rental housing for families
and individuals, including the special housing needs of the elderly, disabled and
famworkers; 3) the preservation and rehabilitation of homes and rental housing; and
4) homeownership. The funds will be allocated as follows:
° $300 million for construction of approximately 8,000 rental units. The
monies will be used to make low interest (0-3%) loans for construction and
permanent mortgage financing with a term of up to 40 years. Repayment of all
principal and interest is deferred until after 30 years. The units must remain
affordable to lower income renters for the term of the loan. At least 2/3rds
of all units would be for very low income households (less than 50% of median
income) at affordable rents. At least 10% of the units must be accessible to
the physically handicapped, between 20-30% of all units in the program must be
for the elderly and handicapped, and at least 20% of the units must be located
in rural areas. Local for profit and non-profit developers, housing
authorities and public agencies would receive loan funds from HCO, and
developments would be locally planned, owned, constructed and managed.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMEND ION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S) n
ACTION OF BOARD ON AUG I�G ,2 188 - APPROVED AS RECOMMENDED OTHER
VOTE
: OF COMMISSIONERS
_._.r., UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS A TRUE AND
AYES: NOES: CORRECT COPY OF AN ACTION TAKEN AND
ABSENT: ABSTAIN: ENTERED ON THE MINUTES OF THE BOARD
OF COMMISSIONERS ON THE DATE SHOWN.
CC: Housing Authority ATTESTED AUG 2 1988
CAO Phil Batchelor, Clerk of the
Board of Commissioners
M3e2/7-e3 BY DEPUTY
•, f
1�
Board of Commissioners
August 2, 1988
Page -2-
$40 million to rehabilitate 22,000 residential hotel units. The program will
provide five-year renewable loans at 3% interest.
° $35 million to rehabilitate 33,000 new beds for the homeless. The proceeds
from the bonds would be used to make grants to local entities to develop
emergency shelters.
° $15 million for a new Family Housing Demonstration Program which will produce
900 units of housing designed for single and working parent families. The
family housing developments will include on-site day care facilities, job
training programs and local support services, and would be located near
employment centers on public transportation lines.
° $10 million for farm labor centers to produce 300 units of family housing for
migrant farmworkers.
° $50 million for 4,000 first-time homebuyers. Homebuyers will receive an
interest rate subsidy to reduce the mortgage payment, a deferred payment, low
interest second mortgage, or downpayment assistance. The program will be
administered by the California Housing Finance Agency, and the Department of
Veterans Affairs may contract to administer part of the program for first-time
veteran homebuyers. For profit and non-profit sponsors of single-family
housing developments would go through local CHFA lenders to obtain a commitment
of funds which will work together with CHFA or Cal-Vet bond financing.
Recipients of loan funds must be first-time homebuyers.
At its Regular Meeting on July 18, 1988 the Advisory Housing Commission voted to
recommend support of the November, 1988 California Housing and Homeless Bond measure.
IV. CONSEQUENCES OF NEGATIVE ACTION:
None.