HomeMy WebLinkAboutMINUTES - 08162005 - C95 TO: BOARD OF SUPERVISORS Contra
r ` �' Costa
FROM: Dennis M. Barry, AICP 1-26 Count
v
Community Development Director z
DATE: August 16, 2005
SUBJECT: Execution of Assignment and Assumption Agreements for the Willowbrook condominium
project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director,Redevelopment or his designee to enter into Assignment and Assumption
Agreements to assign certain homeowner legal documents in the Willowbrook condominium project to
BRIDGE Housing Corporation.
FISCAL IMPACT
None.
BACKGROUND/REASONS FOR RECOMMENDATIONS
In 1989, the County collaborated with BRIDGE Housing Corporation (BRIDGE) to develop the 106 unit
Willowbrook condominium project in Pinole. Fifty-one of the units were sold at below market prices to eligible
households.
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
j.,-,RECOMMENDATION OF COUNTY ADMINISTRATOR MENDA ON OF BOARD
COMMITTEE
A---APPROVE OTHER
SIGNATURE(S).
_...�-ACTION
OF BOARD ON �CTPPROVED AS RECOMMENDED ER .
4
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: Sara Welch, 335-7234 ATTESTED
Orig: Community Development- CDBG JOHN SiIATEN, CLERK
cc: County Administrator OF THE BOARD OF SUPERVISORS
County Counsel AND CO R
TY ADMINISTRATO
Auditor-Controller
BY . ..... 0ERUTY
e-wov-,
Of the below market units, 32 were assisted with financing in the form of a second mortgage from the
California Housing Finance Agency (BRIDGE units), and 19 units were produced by the County Density Bonus
Program(Density Bonus units). All of the below market unit homebuyers signed resale restrictions that were
recorded on the properties.
After the development was completed, the County executed a Contract for Services with BRIDGE to have
BRIDGE administer the resale restrictions and second mortgages. However, the County is a party to all legal
documents recorded on the properties, and all sales and refinance transactions require County involvement.
All of the legal documents state that the County provided direct financial assistance to BRIDGE to develop the
project and fund the second mortgages that buyers of the BRIDGE units received. It has since been determined
that the County did not fund the second mortgages; the County was a party to the legal documents because it
was a requirement of the California Housing Finance Agency. The execution of the Assignment and
Assumption Agreements will relinquish the County's interest in the BRIDGE units. The County will remain a
party to the legal documents for the Density Bonus units.