HomeMy WebLinkAboutMINUTES - 10151991 - 2.3 -0®3
HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA
TO: Board of Commissioners DATE: October 15, 1991
FROM: Perfecto Villarreal , Executive Director cc:
SUBJECT: Award of $3,085,597 to the Housing Authority from the California
Department of Housing and Community Development for construction
of the Antioch Senior Housing Development
I. RECOMMENDED ACTION:
Receive letter from the California Department of Housing and Community
Development advising the Housing Authority that it has been awarded
$3,085,597 from the Rental Housing Construction Program for the
construction of an 82 unit senior housing development in Antioch.
II: FINANCIAL IMPACT:
The Housing Authority will receive $3,085,597 in funds from the
California Department of Housing and Community Development to help
construct an 82 unit senior housing development in Antioch.
III. REASONS FOR RECOMMENDATION/BACKGROUND:
For the past two years the Housing Authority has been working with the
City of Antioch and the development firm of FPI Real Estate Group of
Sacramento, California to secure necessary approvals and financing to
construct an 82 unit senior citizen affordable rental housing development in
Antioch.
Previously, the Housing Authority had been successful in securing a conditional
loan commitment of $2,560,000 from the California Housing Finance Agency, a 40
year funding commitment from the City of Antioch Redevelopment Agency, and the
donation of land from the City of Antioch to construct an 82 unit senior citizen
housing development in Antioch. In addition, the City of Antioch and the Housing
Authority had been successful in securing a 71% voter approval of an Article 34
referendum ballot measure from City of Antioch voters.
The final long term financing commitment which was needed was a funding com-
mitment from the California Department of Housing and Community Development's
Rental Housing Construction Program. On September 6, 1991 the Housing
Authority received a letter (copy attached) from Timothy L. Coyle, Director
of the California Department of Housing and Community Development, advising
the Housing Authority that a conditional loan commitment of $3,085,597 had
been approved for the Antioch Senior Housing Development.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATI N OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF COMMISSIONERS
UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS A TRUE AND
AYES: NOES: CORRECT COPY OF AN ACTION TAKEN AND
ABSENT: ABSTAIN: ENTERED ON THE MINUTES OF THE BOARD
OF COMMISSIONERS ON THE DATE SHOWN.
CC: ATTESTED
OCT 15 1991
Phil Batchelor, Clerk of the
Board of Commissioners
M3112/7-83 BY &Xe=0 ,
DEPUTY
Board of Commissioners
October 15, 1991
Page 2
IV. CONSEQUENCES OF NEGATIVE ACTION:
None