HomeMy WebLinkAboutMINUTES - 01171989 - 1.77 1-077
TO: REDEVELOPMENT AGENCY Contra
FROM: PHIL BATCHELOR, Cx)sta.
EXECUTIVE DIRECTOR County
DATE: December 23, 1988
SUBJECT: Negotiation with North Richmond Neighborhood House to act as a conduit
for mortgage assistance.
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize the Executive Director or his designee to negotiate with
North Richmond Neighborhood House to act as a conduit for mortgage
assistance to buyers of homes in the Agency' s 7-unit infill housing
development.
FISCAL IMPACT
None. All funds are Community Development Block Grant funds
allocated to the Agency.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Agency has acquired eight vacant properties in the North
Richmond Redevelopment project Area. The properties were acquired
using Community Development Block Grant funds allocated to Agency,
and are to be used in the development of seven infill housing units
affordable to low and moderate income homebuyers. In order to
achieve the desired level of Affordability, additional subsidy in
the form of a deferred mortgage will be required. The Community
Development Block Grant regulations permit such assistance if it is
provided through a neighborhood based non-profit organization.
North Richmond Neighborhood House is such an organization, and is
agreeable in concept to acting in such a role. Contractual
arrangements need to be agreed to.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION AGENCY MMITTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF AGENCY ON January 17, 1989 APPROVED AS RECOMMENDED X OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
cc: Redevelopment Director ATTESTED January 17, 1989
all other distribution via PHIL BATCHELOR,
Redevelopment Agency AGENCY SECRETARY
BYALM DEPUTY
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