HomeMy WebLinkAboutMINUTES - 09011998 - C155 . Contra
Costa
TO. BOARD OF SUPERVISORS
FROM: Dennis M. Barry, AICP County
Community Development Director
DATE: September 1, 1998
SUBJECT: HOME Project Agreement and Loan Documents for the Hercules Senior
Housing Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director, Redevelopment, or his designee to
execute HOME Project Agreement 97-2 and appropriate loan documents
with BRIDGE Housing Corporation to provide $490,000 in FY 1997/98 HOME
Investment Partnership Act (HOME) funds for the Hercules Senior
Housing Project.
FISCAL IMPACT
No General Fund impact. HOME funds are provided to the County on a
formula allocation basis through the U.S. Department of Housing and
Urban Development (HUD) .
BACKGROUND/REASONS FOR RECOMMENDATIONS
On April 8, 1997, the Board of Supervisors approved the allocation of
$490, 000 in FY 1997/98 HOME funds to BRIDGE Housing Corporation for
CONTINUED ON A'T'TACHMENT: X YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDAT O OF BO D COMMITTLKE
' APPROVE OTHER 7
II
S IGNATURE(S) :
ACTION OF BOARD ON ,, rpm r 1 , 1998 APPROVED AS RECOMMENDED X 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 K. Hamm
335--1257 ATTESTED September 1, 1998
cc: County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller AND NTY ADMINISTRATOR
Community Development
BRIDGE via Comm. Developmt. BY , DEPUTY
the Hercules Senior Housing Project. The purpose of this project is
to provide affordable rental housing for very-low income seniors in
Hercules and the west County area. The project includes the new
construction of 60 apartments on a currently vacant site adjacent to
the City of Hercules Civic Center and Senior Center. Eleven of the
apartments will be designated as HOME-assisted, including four units
affordable to senior households with incomes at or below 40 percent
of the area median income (AMI ) and seven units affordable to very--low
income households ( incomes at/below 50 percent AMI ) . All remaining
apartments will be required to be affordable to very-low income
seniors in accordance with restrictions imposed by additional
financing sources .
The total cost of this project is $8 .8 million. All sources of
financing have been approved and include the following:
FY 1997/98 Contra Costa HOME funds $ 490,000
City of Hercules Redevelopment Agency $1,515,000
California Housing Finance Agency $3, 370,000
FHLB Affordable Housing Program $ 210,000
Low Income Housing Tax Credits $2,773,409
General Partner Equity $ 430,588
Deferred interest $ 23,704
TOTAL COST $8,812 ,701
In addition to an initial loan of $1 .4 mil . and $115,000 in fee
deferrals, the City of Hercules Redevelopment Agency has pledged an
annual payment of $130, 000 for 25 years to support the CHFA loan.
The HOME funds will be provided to BRIDGE in the form of a residual
receipts loan and used in combination with other resources for
acquisition of the project site. County affordability and use
restrictions will be recorded against the property in the HOME loan
documents . The required 25 percent match for HOME funds will be
satisfied by the FHLB Affordable Housing Program funds and a property
tax waiver.
BRIDGE anticipates the initiation of construction in October with
project completion and full occupancy by December of 1999 .
kh/k18/HM97-2HS