HomeMy WebLinkAboutMINUTES - 09221992 - 1.41 w'
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TO. BOARD OF SUPERVISORS �'I/ Costa
FROM: Harvey E. Bragdon � County :
Director of Community Development
sT� C011N
DATE: September 22, 1992
SUBJECT: E1 Sobrante Silvercrest Senior Housing - CDBG Contract
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize the Director of Community Development or his Designee to
execute a contract and loan documents to provide $65, 000 in CDBG funds
for the E1 Sobrante Silvercrest Senior Housing Project sponsored by
the Salvation Army.
FISCAL IMPACT
No General Funds are involved. Funds for this project were approved
from the FY 1990-91 Community Development Block Grant allocation.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Board of Supervisors previously approved $65, 000 in FY 1990-91
Community Development Block Grant funds to cover predevelopment
expenditures for a new 50-unit low-income senior housing project to
be located on Appian Way in E1 Sobrante. The CDBG funds will be
provided in the form of a 40-year, zero-interest deferred loan. In
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDA N OF BO D COMMI EE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON 9 APPROVED AS RECOMMENDED < OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT ��- ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Contact: Kathleen Hamm
646-4208 ATTESTEDAvo �9
cc: County Administrator HI BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller AND COUN�_ DMINISTRATOR
Community Development
BY , DEPUTY
kh/k4/salv2
addition to the Project Contract, the County will enter into a
Promissory Note and Subordinated Deed of Trust with the Salvation
Army/E1 Sobrante for this project.
Construction costs for the Silvercrest Senior Housing Project will
be covered by a U.S. Department of Housing and Urban Development
Section 202 Capital Advance in the amount of $3 .8 million.
Construction is anticipated to begin in October 1992 with the
completed facility ready for occupancy in the fall of 1993 . When
operational, this facility will significantly increase the
availability of affordable housing for the County's low-income
senior population.