HomeMy WebLinkAboutMINUTES - 08071990 - 1.85 THE BOARD OF COMMISSIONERS, HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA.
RESOLUTION NO. 3590
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
A RENTAL HOUSING CONSTRUCTION PROGRAM LOAN
FROM THE STATE OF CALIFORNIA BY THE EXECUTIVE DIRECTOR
WHEREAS, The State of California, Department of Housing and Community
Development, Division of Community Affairs, has issued a NOTICE
OF FUNDING AVAILABILITY UNDER THE RENTAL HOUSING CONSTRUCTION
PROGRAM (RHCP) ; and,
WHEREAS, the Housing Authority of the County of Contra Costa is a public
entity and will apply for an RHCP loan 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 $2,755,687, and to execute a
State of California Standard Agreement, other required State
documents, and any amendments thereto.
PASSED AND ADOPTED THIS 7_th- day of Auguet I99O.
by the following vote of the Commissioners:
AYES: Coi=iFFionerF powe:re , Schroder, McPeak, Torlakson,
Fanden
NOES: None
ABSENT: None
ABSTAIN: None I hereby certify that this is a true and correct copy of
an action taken and entered on the minutes of the
Board of Supervisors on the date shown.
ATTESTED: d Z i ,¢ �y
PHIL BATCHELOR,Clerk of the Board
cc• County Administrator of Supervisors and County Administrator
County Counsel
Housing Authority By Deputy
Y�•v 8�
HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA
TO: BOARD OF COMMISSIONERS DATE: August 7, 1990
FROM: Perfecto Villarreal , Executive Director
cc:
SUBJECT: RENTAL HOUSING CONSTRUCTION PROGRAM LOAN APPLICATION
PROPOSED SENIOR HOUSING DEVELOPMENT IN ANTIOCH
I. RECOMMENDED ACTION:
ADOPT Resolution No. 3590 authorizing the submittal of a loan application and
any other documents necessary to secure a Rental Housing Construction Loan in the
amount of $2,755,687 from the California Department of Housing and Community
Development, and AUTHORIZE execution of all necessary documents by the Executive
Director of the Housing Authority of the County of Contra Costa, as recommended by
the Advisory Housing Commission.
II. FINANCIAL IMPACT:
None at this time. However, the minimum term to maturity for this loan is 40
years, with a standard simple (not compounded) interest rate of 3% per annum. The
repayment schedule is calculated on a project specific basis, generally related to
the project's ability to pay.
III. REASONS FOR RECOMMENDATION/BACKGROUND:
At its Regular Meeting on May 1, 1990 the Board of Commissioners authorized the
Executive Director to proceed with negotiations with the City of Antioch and F.P.I.
Real Estate Group to develop an affordable senior housing development in Antioch, and
to proceed with funding applications to secure both construction and permanent
financing from the California Department of Housing and Community Development.
The Rental Housing Construction Program (RHCP) offered through the California
Department of Housing and Community Development provides low interest loans directly
to project sponsors for the construction of new rental housing developments for
occupancy by very low-income and other lower-income households. All regulatory
restrictions regarding occupancy and rents shall be binding on the project for at
least the full original loan term, regardless of sale, prepayment or transfer.
The basic occupancy requirements of the RHCP are that at least 30% of the units
in the development have rents regulated so the unit is affordable to low and very
low-income households, and at least two-thirds of these regulated units have rents
affordable to very-low income households.
CONTINUED ON ATTACHMENT? YES SIONATUREI
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDA ON OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S) .
ACTION OF BOARD ON Elm 'JQQn APPROVED AS RECOMMENDED X OTHER
VOTE OF COMMISSIONERS
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: ATTESTED AUG 7 1990
Phil Batchelor, Clerk of the
Board of Commissioners
M382/7-83 BY , DEPUTY
Board of Commissioners
August 7, 1990
Page -2-
The proposed affordable senior development in Antioch will have the.rents of
100% of its units regulated, with two-thirds of the units regulated so they are
affordable to very-low income households.
The proposed 82-unit senior development in Antioch has a total projected
development cost of $5,530,687. The development is expected to qualify for a loan
from the California Housing Finance Agency in the amount of $2,775,000, which will be
pursued under a separate application. An RHCP loan in the amount of $2,755,687 will
provide the balance of the total projected development cost.
At its Regular Meeting on Monday, July 16, 1990 the Advisory Housing Commission
voted to recommend that the Executive Director be authorized to procced with an
application to the Rental Housing Construction Program of the California Department
of Housing and Community Development in the amount of $2,755,687, as a source of
permanent financing for the proposed affordable senior housing development in
Antioch.
IV. CONSEQUENCES OF NEGATIVE ACTION:
Should the Board of Commissioners elect to not adopt Resolution No. 3590
authorizing the submittal of a loan application and any other documents necessary to
secure a loan from the California Department of Housing and Community Development,
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