HomeMy WebLinkAboutMINUTES - 08022011 - C.38RECOMMENDATION(S):
1. ALLOCATE $5,000 in HOME Investment Partnership Act (HOME) funds as a grant to
Eden Housing Inc. for the Lafayette Senior Housing project in Lafayette.
2. AUTHORIZE the Conservation and Development Director, or designee, to execute a
grant agreement for $5,000.
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).
CFDA# 14.256
BACKGROUND:
On April 15, 2008, the Board of Supervisors allocated $1.4 million in Community
Development Block Grant (CDBG) and $1.6 million in HOME funds to Eden Housing, Inc.
(Eden) for the Lafayette Senior project. The purpose of the project is to increase the supply
of multi-family rental housing affordable to and occupied by lower
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 08/02/2011 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I
Supervisor
Gayle B. Uilkema, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
Contact: Kara Douglas,
335-7224
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board
of Supervisors on the date shown.
ATTESTED: August 2, 2011
David Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C.38
To:Board of Supervisors
From:Catherine Kutsuris, Conservation & Development Director
Date:August 2, 2011
Contra
Costa
County
Subject:APPROVAL OF FIVE THOUSAND DOLLARS IN HOME INVESTMENT PARTNERSHIP ACT FUNDS
FOR LAFAYETTE SENIOR APARTMENTS IN LAFAYETTE
BACKGROUND: (CONT'D)
income senior households in Central County through the development of a 45-unit
apartment building located at 3436 Mount Diablo Boulevard, Lafayette. CDBG and
Lafayette Redevelopment Agency (RDA) funds were used to acquire a 0.80 acre vacant
parcel in December 2008. Eden is applying for HUD Section 202 funds as well as State
Multi-family Housing Program (MHP) funds. An award of either source should allow this
project to move forward.
The County will not enter into legal documents for the HOME funds until all of the project
financing has been awarded and Eden is ready to begin construction. This small allocation
of HOME funds will be provided as a grant to Eden and will allow it to make minor
modifications to the project design. A two bedroom unit is being reconfigured as a one
bedroom unit with the remaining space used for a small exercise room. The plans and
specifications are being modified to include additional green building features. These
enhancements will make the project more competitive for State funds. Eden has received all
entitlements from the City and these changes will not require any additional planning
review.
The State has issued a Notice of Funding Availability for the MHP funds. Applications are
due on August 31, 2011. The Lafayette RDA has entered into all of the required legal
documents for this project. This project should not be impacted by the potential elimination
of redevelopment agencies.
The total cost of this project is $21 million. The proposed development budget and sources
of funds for this project are:
Source Amount
CDBG loan funds $1,400,000
HOME loan funds 1,600,000
Lafayette RDA 3,825,000
FHLB Affordable Housing Program 450,000
State HCD MHP 4,158,920
Low Income Housing Tax Credit Equity 6,533,627
Bank loan 2,735,209
Sponsor Equity 200,000
Deferred Developer Fee 197,562
TOTAL $21,100,318
Construction is expected to start in August 2012 and be complete by December 2013.
CONSEQUENCE OF NEGATIVE ACTION:
Without the design revisions, the project will be less competitive for State MHP funds.
CHILDREN'S IMPACT STATEMENT:
No impact.