HomeMy WebLinkAboutMINUTES - 08171993 - 1.89 UA icy
Contra
Costa
TO: BOARD OF SUPERVISORS }}
County
l C �µt`
FROM: Harvey E. Bragdon
Director of Community Development
DATE: August 17, 1993
SUBJECT: Loan of County Housing Bond Trust Funds for Antioch Senior Housing
Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
1) Approve a loan of $195, 000 to the Housing Authority of Contra Costa
County to support the development of the Casa del Rio Senior Housing
Project in Antioch; and 2) authorize the Deputy Director,
Redevelopment, or his designee to execute related loan documents .
FISCAL IMPACT
No General Fund impact. Loan funds to be provided from Contra Costa
County Housing Bond Trust Funds (810900-0830) .
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Housing Authority of Contra Costa County (HACCC) has initiated a
project to build senior housing at 615 West Seventh Street in Antioch.
This $7 million project is being funded with a combination of
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATI OF BO D COMMIT E
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON A„gu s t 170 1 9 9 3 APPROVED AS RECOMMENDED x 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 ATTESTED August 17 , 1993
cc: County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller (N. Garnett) AM COUN ADMINISTRATOR
Community Development
Housing Authority BY rJAA , DEPUTY
financing from the California Housing Finance Agency (CHFA) , State
Rental Housing Construction Program (RHCP) funds, City of Antioch
resources, Housing Authority resources, and private financing from
the Bank of America. When complete, this project will provide 82
units of rental housing affordable to seniors with incomes at or
below 35 percent of area median income.
Due to unanticipated cost overruns, this project now has a $195, 000
short-term funding gap. In order to eliminate this gap, the
Housing Authority. has requested that the County provide a loan of
$195, 000 from Housing Bond Trust Funds . Proposed loan terms
include the following:
1 . five year term;
2 . zero interest, if repaid within five years;
3 . County loan to be subordinate to CHFA, RHCP, City, and
Bank oC America financing; and
4 . repayment to commence with a lump-sum payment of $115,000
in July- of 1994, with full payment out of project cash
flow as soon as possible thereafter, but not later than
July of 1999 .
The Housing Authority will be unable to complete construction of
this project without the additional $195, 000 in financing.
Further, the Housing Authority has stated that no other source of
financing is currently available.
kh/kl/casa2