HomeMy WebLinkAboutMINUTES - 08071990 - 1.84 THE BOARD OF COMMISSIONERS, HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA
RESOLUTION NO. 3591
RESOLUTION AUTHORIZING THE EXECUTION OF A LOAN APPLICATION,
THE INCURRING OF AN INDEBTEDNESS, THE EXECUTION OF A
LOAN AGREEMENT AND ANY AMENDMENTS THERETO, A PROMISSORY NOTE,
AND ANY OTHER DOCUMENTS NECESSARY TO SECURE
MULTI-FAMILY PERMANENT FINANCING FROM THE
CALIFORNIA HOUSING FINANCE AGENCY BY THE EXECUTIVE DIRECTOR
WHEREAS, the California Housing Finance Agency (CHFA) provides permanent
financing for development of multi-unit rental housing with below-
market rate mortgages made available by tax-exempt bonds; and,
WHEREAS, the Housing Authority of the County of Contra Costa is a public
entity and will apply for standard CHFA permanent financing to
develop low and very low-income rental housing; and,
WHEREAS, the Executive Director, Perfecto Villarreal , will act on behalf of
the Housing Authority of the County of Contra Costa and will sign
all necessary documents required to complete the application and
award process:
NOW, THEREFORE, BE IT RESOLVED THAT THE Board of Commissioners of the Housing
Authority of the County of Contra Costa hereby authorizes the
Executive Director, Perfecto Villarreal , to apply for and accept
the loan in an amount not to exceed $2,755,000, and to execute a
required State documents, and any amendments thereto.
PASSED AND ADOPTED THIS 7th day of A„g„st- 19 90 ,
by the following vote of the Commissioners:
AYES: Commissioners Powers , Schroder, McPeak, Torlakson,
Fanden
NOES: None
ABSENT: None
I hereby certify that this is a true and correct copy of
ABSTAIN' None an action taken and entered on the minutes of the
• Board of supervisors on the date shown. .
ATTEW
STED: � z. 1 o
PHIL BATC ELOR,Clerk of the Board
of Supervisors and County Administrator
cc: County Administrator
County Counsel gy �����n� ��/ oew,ty
Housing Authority
M382/7-83 BY 0 , DEPUTY
Board of Commissioners
August 7, 1990
Page -2-
subsidy of $115,000 per year, exceeding the CHFA requirement of local participation.
This development is expected to qualify for a loan from CHFA in the amount of
$2,775,000. The balance of the total development cost is expected to be met with a
Rental Housing Construction Program loan from the California Department of Housing
and Community Development, which will be pursued under a separate application.
At its Regular Meeting on Monday, July 16, 1990, the Advisory Housing
Commission voted to authorize the Executive Director to procced with an application
for CHFA standard multi-family permanent financing in the amount of $2,775,000, as a
source of financing the proposed affordable senior housing development in Antioch.
IV. CONSEQUENCES OF NEGATIVE ACTION:
Should the Board of Commissioners elect to not adopt Resolution No. 3591
authorizing the submittal of a loan application and any other documents necessary to
secure multi-family permanent financing from the California Housing Finance Agency
and authorizing execution of all necessary documents by the Executive Director of the
Housing Authority of the County of Contra Costa, the Housing Authority would forfeit
the opportunity to supply an additional 82 units of low and very low-income housing
in the City of Antioch.
cc; County Administrator
County Counsel
Housing Authority