HomeMy WebLinkAboutMINUTES - 11042014 - HA C.03RECOMMENDATIONS
APPROVE and AUTHORIZE the Housing Authority's Executive Director, or designee, to execute an assignment and
assumption agreement to transfer 21 Rental Rehabilitation loans from the Housing Authority to the County of Contra
Costa.
BACKGROUND
Between 1993 and 2012, the County, through the Department of Conservation and Development (DCD), provided
CDBG funds to HACCC to administer a Rental Rehabilitation program for small rental properties. Most of the CDBG
Rental Rehabilitation loans were provided to owners of single family homes, and apartments up to eight units. There
are 21 outstanding Rental Rehabilitation loans totaling $794,804.
Since HACCC is no longer receiving CDBG funds for this program, staff have asked DCD to manage the 21
outstanding Rental Rehabilitation loans. DCD has agreed to absorb these loans into their existing portfolio because
DCD administers CDBG funds (including management of other CDBG funded loans) and thus can add these 21 loans
to their existing CDBG loan portfolio with minimal additional effort. In order to transfer the loans from HACCC to
the County, both the County and HACCC need to execute an assignment and assumption agreement (see attached).
Upon execution of the assignment and assumption agreement, HACCC must then assign each note and Deed of Trust
by executing and recording an Assignment of Note and Deed of Trust document for each property.
Attachments: Assignment and Assumption Agreement
Assignment of Note and Deed of Trust
Action of Board On: 11/04/2014 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF COMMISSIONERS
AYE:John Gioia, Commissioner
Candace Andersen,
Commissioner
Mary N. Piepho,
Commissioner
Karen Mitchoff,
Commissioner
Federal D. Glover,
Commissioner
Aqueela Bowie,
Commissioner
ABSENT:Fay Nathaniel,
Commissioner
Contact: 925-957-8028
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: November 4, 2014
Joseph Villarreal, Executive Director
By: June McHuen, Deputy
cc:
C. 3
To:Contra Costa County Housing Authority Board of Commissioners
From:Joseph Villarreal, Housing Authority
Date:November 4, 2014
Contra
Costa
County
Subject:Assignment and Assumption of Rental Rehabilitation Notes and Deeds of Trust from the Housing Authority to the
County of Contra Costa
FISCAL IMPACT
This program was funded by federal Community Development Block Grant (CDBG) funds allocated to the
Housing Authority (HACCC) by the County. That funding is no longer available to HACCC. While ongoing
monitoring and administration is required for these loans, HACCC cannot use voucher or public housing funds to
do these tasks.
CONSEQUENCE OF NEGATIVE ACTION
Should the Board of Commissioners not approve the transfer of loans, HACCC will continue to manage the loan
portfolio. This could result in an audit finding of non-compliance and could ultimately affect future funding from
the U.S. Department of Housing and Urban Development.
CLERK'S ADDENDUM
ATTACHMENTS
Assignment & Assumption Agreement
Assignment of Note & Deed of Trust