HomeMy WebLinkAboutMINUTES - 07091996 - C106 Contra
TO: BOARD OF SUPERVISORS ! :_
Costa
FROM: Harvey E . Bragdon JP County
Director of Community Development
DATE: July 9, 1996
SUBJECT: Allocation of FY 1995 HOME Housing Development Assistance Funds for
the Arroyo Seco First-time Homebuyer Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
( 1) APPROVE the allocation of $380, 000 in FY 1995 HOME Housing
Development Assistance funds to Rural California Housing Corporation
(RCHC) for the Arroyo Seco First-time Homebuyer Project in Brentwood
and (2 ) APPROVE the reallocation of $380, 000 in FY 1996 * HOME
Investment Partnership Act funds from RCHC for the Lone Tree Way
Project to the FY 1996 HOME Housing Development Assistance Fund.
FISCAL IMPACT
No General Fund impact. HOME funds are allocated on an annual basis
to the Contra Costa Consortium through the U.S. Department of Housing
and Urban Development.
f
CONTINUED ON ATTACHMENT: X YES SIGNATURE: .
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD CO IT E
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON All OR APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
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 9 �99�
646-4208 ATTESTED JUL
cc: County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller (N. Garnett) AND COUNTY ADMINISTRATOR
Community Development
BY , DEPUTY
BACKGROUND/REASONS FOR RECOMMENDATIONS
On March 12 , 1996 , the Board of Supervisors approved the allocation
of $380, 000 in FY 1996 HOME Investment Partnership Act (HOME) funds
to RCHC for the Lone Tree Way Project to provide first-time
homebuyer assistance to 32 households in a housing development to
be located in Brentwood. As proposed, HOME funds will be used to
acquire the project site. Once construction is complete and the
units are sold, the HOME funds will be rolled over into deferred
second mortgages for very-low income households . The Lone Tree Way
Project has since been renamed the Arroyo Seco Project. The
purpose of this action is to shift the $380,000 in HOME funding
previously approved for this project from FY 1996 HOME funds to
currently unallocated funds in the FY 1995 HOME Housing Development
Assistance fund. This action is necessary in order to allow RCHC
to meet the acquisition and construction schedule for this project
in a manner consistent with federal regulations for the HOME
Program. The FY 1996 HOME funds to be reallocated from the Lone
Tree Way Project to the HOME Housing Development Assistance Fund
will be used to support additional affordable housing projects
which develop during the current program year.
kh/kl4/Arroyol