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HomeMy WebLinkAboutMINUTES - 09221998 - C107 x.107 Contra 5 TO: BOARD OF SUPERVISORS N Costa • ti FROM: Dennis M. Barry, AICD County Community Development Director DATE: September 22, 1998 SUBJECT: Allocation of FY 1998/99 HOME Housing Development Assistance Funds and Execution of Required Legal Documents for the Antioch Hillcrest Terrace Senior Housing Project SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) 4 BACKGROUND ANIS JUSTIFICATION RECOMMENDATIONS ( 1) APPROVE the allocation of $731,000 in FY 1998/99 HOME Investment Partnership Act (HOME) funds to Christian Church Homes of Northern California for the Antioch Hillcrest Terrace Senior Housing Project and (2) AUTHORIZE the Deputy Director, Redevelopment or his designee to enter into required legal documents for this purpose. FISCAL IMPACT No General. Fund impact. Funds for this project will come from the FY 1998/99 HOME Housing Development Assistance Fund (HOME/HDAF) . 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 28, 1998, the Board of Supervisors approved the allocation of $813, 300 to the FY 1998/99 HOME/HDAF for use in fundi g affor b e CONTINUED ON ATTACHMENT: X YES SIGNATURE: j Vv RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDAT N F BOAR COMMITTE� APPROVE OTHER SIGNATURE(S) :Z� ACTION OF BOARD ON pmber 22, 19,98 APPROVED AS RECOMMENDED �X VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A UNANIMOUS (ABSENT Nana } 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 e�rc. L 19Q, cc: County Administrator PHI PIATCHELOR, CLQ County Counsel THE BOARD OF SUPERVISORS Auditor-Controller AND COUNTY ADMINISTRATOR Community Development CCHNC via Comm. Developmt. BY _- . DEPUTY housing projects as they develop during the program year. Including prior year carryover and reallocated funds, the current balance of the HOME/HDAF is $1,889 ,051 . On July 15, 1998, the Affordable Housing Finance Committee (AHFC) voted unanimously to recommend that the Board of Supervisors approve an allocation of $731,000 in HOME/HDAF funds to Christian Church Homes of Northern California (CCHNC) for the Antioch Hillcrest Terrace Senior Housing Project. Funds were recommended contingent on the following: approval of all resources required to successfully complete this project; and resolution of issues surrounding the proposed 60-year ground lease for the site in a manner satisfactory to County and HUD. If approved by the Board, the FY 1998/99 HOME/HDAF will have a remaining balance of $1, 158,051 The purpose of the Hillcrest Terrace project is to increase the supply of multifamily rental housing for very-low income seniors in Antioch and the East County area. The project involves the new construction of 65 apartments on a currently vacant site located at the intersection of Davison and Harris Drive. Thirty units will be designated as HOME-assisted and required to remain affordable to and occupied by senior households with incomes at or below 50 percent of the area median income for a minimum of 55 years. All remaining units will be required to remain affordable to the target population for a minimum of 40 years in accordance with requirements of other financing sources. Occupants will be required to pay 30 percent of their gross monthly income as rent. CCHNC anticipates that a majority of project occupants will be relying on SSI, with the result that actual incomes of residents are anticipated to be well under 30 percent of the area median. Finally, four apartments will be fully accessibleto mobility impaired households and four accessible to vision and/or hearing impaired households . The total cost of the Antioch Hillcrest Terrace Project is $6 .6 million or just over $102 ,000 per unit. Permanent financing sources include: Requested HOME/HDAF $ 731,000 HUD Section 202 $4,895,800 City of Antioch Redevelopment $ 731, 175 Agency Rivertown donation $ 200, 000 Developer equity $ 89,550 TOTAL $6,647 ,700 All sources of financing are approved with the exception of the Contra Costa HOME/HDAF. In addition, CCHNC hes requested reductions in transportation and sewer fees for this project. As proposed, HOME funds will be used for construction and other activities eligible in accordance with HOME regulations and will be provided to the project in the form of a residual receipts loan with a 55 year term. The County loan will be subordinate to the HUD loan and in coequal lien position with the City loan. Affordability and use restrictions will be incorporated into the County loan documents. xie/s©saax