HomeMy WebLinkAboutMINUTES - 09282004 - C.70 TO: BOARD OF SUPERVISORS "' _ "�` Contra
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FROM: Densis M. Barry, ATOP, Costa' .
Director of Community Development
DATE: September 28, 2004 � County
SUBJECT: Allocation of $1,000,000 in FY 2004105 HOME Housing Development Assistance Funds,
and Execution of Required Legal Documents for the The Courtyards at Cypress Grove
Housing Project
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION: APPROVE an allocation of 1,000,000 in FY 2004/05 HOME
Investment Partnership Act (HOME) Housing Development Assistance Funds (HDAF)
to Oakley Cypress Associates for the development of the The Courtyards at Cypress
Grove in Oakley and AUTHORIZE the Deputy Director — Redevelopment to execute
required loan documents.
FINANCIAL IMPACT: No General Fund impact, HOME funds are provided to the
County on a formula basis through the U.S. Department of Housing and Urban
Development,
BACKGROUND: On September 13, 2004, the Affordable Housing Finance
Committee voted to recommend that the Board approve 1,000,000 in FY 2004/05
HOME/HDAF to Oakley Cypress Associates for this project. The current balance of
the HOME/HDAF is $1,781,453. Approval of funds for this project and a request for
$500,400 for the Lakeside Apartments project (which is also on this Septermber 28
agenda) would leave a remaining balance of $281,453. Pending project applications
and statements of interest indicate a demand for these funds of
over$3 m:i
CONTINUED ON ATTACHMENT: 1�t YES SIGNATURE: `" s
'ECOMMENDATION OF COUNTY ADMINISTRATOR ❑ RECOM�EN ATIQN OF ARD COMMITTEE
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[3-0—PRCIVE El OTHER
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SIGNATURE-S):
ACTION OF BO OON
APPROVED AS RECOMMENDED OTHER ❑
VOTE OF'SUPERVISORS: i HEREBY CERTIFY THAT THIS IS A TRUE AND
CORRECT COPY OF AN ACTION TAKEN AND
UNANIMOUS{ABSENT �'��.__- } ENTERED ON THE MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
AYES:_ NOES:
ABSENT: _ ABSTAIN: ATTES p71
Contact: Kara Douglas,335-1253 JOHN SWEETEN,CLERK OF THE BOARD/OF
SUPERVISORS AND COUNTY ADMINISTRATOR
cc: County Administrator
County Counsel
Auditor-Controller r a r`, k--
Community Development By -----^eputy
Pacific American Properties via CDD