HomeMy WebLinkAboutMINUTES - 12191989 - 1.71 1-071
TO: BOARD OF SUPERVISORS +
Conra
FROM: Harvey E. Bragdon 1
Director of Community Development C.1VJlC�
DATE: December 19 1989 County
SUBJECT: Approval of. Community .Development Block ' Grant - (CDBG) Program .
Project Agreement and Loan Documents for Loan to Ecumenical
Association for Housing (San .Pablo Senior Housing Associates)
SPECIFIC REQUEST(S) OR- RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS -
1) Authorize the Chair to approve the CDBG Program Project
Agreement with EAH-San 1 Pablo, a non-profit California
Corporation, . to 'implement Activity 15--65-San Pablo Senior
Housing with a. payment Limit of $330 ,000 comprised. of funds
allocated from the 1989 grant; .and
2) Approve loan- documents (Promissory Note, Subordinated Deed of
-Trust with Assignment of Rents, and Intercreditor Agreement)
with Ecumenical Association for Housing (San Pablo Senior
Housing- Associates.) and Redevelopment Agency of the City of
San Pablo to implement Activity 15-65 CDBG Program allocation
from 1989 program funds and authorize the Director of
Community Development or the Deputy -Director - Redevelopment
to- execute said loan documents.
FISCAL IMPACT
None. ( 100 HUD funds)
CONTINUED ON ATTACHMENT: YES SIGNATURE: Q >
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDAT OF BOAr COMM EE
APPROVE , OTHER
SIGNATURES)
ACTION .OF BOARD ON 1qRq APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
�- I HEREBY CERTIFY. THAT THIS IS A
X UNANIMOUS (ABSENT _L ) 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.
cc: Community Development ATTESTED DEC 19 1989
County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor (c/o Nona) AND COUNTY ADMINISTRATOR
EAH
BY (/ / P,/ DEPUTY
JA:cg
cja2/snrhsg.bo
BACKGROUND/REASONS FOR RECOMMENDATIONS
San Pablo Senior Housing Associates, a subsidiary of Ecumenical
Association for Housing, is developing a 54 unit senior independent
living project in San Pablo to be affordable to very low and low
income senior households. $330,000 of CDBG funds were allocated
out of the 1989 program funds for land acquisition and
pre-development costs. The City of San Pablo Redevelopment Agency
is also providing an $825,000 loan to the project. The County and
the City of San Pablo Redevelopment Agency funds are jointly
secured by the land and improvements, on a pro-rated basis. The
loan is a 30, compounded interest loan with deferred payments for
30 years or change of use or sale of project, with prior payments
out of the project' s surplus cash.