HomeMy WebLinkAboutMINUTES - 09202011 - C.48RECOMMENDATION(S):
AUTHORIZE the Director of Conservation and Development, or designee, to execute an
agreement with Satellite Housing, Inc., a California nonprofit public benefit corporation to
commit $1,200,000 in HOME Investment Partnerships Act (HOME) funds for the Third
Avenue apartments development in Walnut Creek.
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#
14.239
BACKGROUND:
On April 28, 2010, the Board of Supervisors allocated $1.2 million in HOME funds to
Satellite Housing Inc. for the Third Avenue Apartments. The purpose of the project is to
increase the supply of multi-family rental housing affordable to and occupied by lower
income households in Central County through the development of a 47-unit apartment
building located at 1534 3rd Ave., 1540 3rd Ave., 1544 3rd Ave. and 2618 Baldwin Lane in
Walnut Creek. Satellite owns the parcels
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 09/20/2011 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
335-7223
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: September 20, 2011
David Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C.48
To:Board of Supervisors
From:Catherine Kutsuris, Conservation & Development Director
Date:September 20, 2011
Contra
Costa
County
Subject:HOME PROGRAM AGREEMENT BETWEEN CONTRA COSTA COUNTY AND SATELLITE HOUSING, INC. TO
COMMIT $1,200,000 IN HOME FUNDS FOR THE THIRD AVENUE APARTMENTS PROJ
BACKGROUND: (CONT'D)
and is applying for HUD Section 811 funds as well as State Multifamily Housing
Program (MHP) funds. An award of either source should allow this project to move
forward.
The purpose of this agreement is to commit the HOME funds to Satellite Housing and
meet HUD’s requirement for the timely commitment of funds. Staff will return to the
Board of Supervisors and seek approval to enter into a promissory note, loan agreement,
regulatory agreement and deed of trust when Satellite has commitments of all sources of
funds needed to complete the construction of this development.
CONSEQUENCE OF NEGATIVE ACTION:
The County will not meet its obligation to commit HOME funds in a timely manner
without an executed project agreement.
CHILDREN'S IMPACT STATEMENT:
Third Avenue Apartments will provide affordable housing to low income families and
supports outcome number 3: Families are Economically Self Sufficient.
ATTACHMENTS
HOME project agreement