Loading...
HomeMy WebLinkAboutMINUTES - 11241992 - 1.42 42 J � - ==- Contra TO: BOARD OF SUPERVISORS '` Costa FROM: Harvey E. Bragdon �a •, aCounty i Director of Community Development r DATE: November 24, 1992 SUBJECT: Marsh Creek Sweat Equity Housing Project - CDBG Contract and Loan Documents SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS Authorize the Director of Community Development and the Deputy Director, Redevelopment, or their Designee to execute a contract with the Marsh Creek Vista Homeowners ' Association for the Marsh Creek Sweat Equity Housing Project. In addition, authorize the Deputy Director, Redevelopment, or his Designee to execute loan documents with qualified homebuyers to acquire these units. FISCAL IMPACT No General Funds are involved. Funds for this project were approved from the FY 1992-93 Community Development Block Grant allocation. BACKGROUND/REASONS FOR RECOMMENDATIONS On February 25, 1992, the Board of Supervisors approved $240,000 in FY 1992-93 CDBG funds to support the Marsh Creek Sweat quity Project CONTINUED ON ATTACHMENT: YES SIGNATURE: / A� � RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDAT OF BOAR1Y COMMITTI� APPROVE OTHER i SIGNATURE(S) : ACTION OF BOARD ON APPROVED-AS RECOMMENDED ]C OTHER VOTE OF SUPERVISORS I HEREBY CERTIFY THAT,THIS' IS A UNANIMOUS (ABSENT ) 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. Contact: Kathleen Hamm 646-4208 ATTESTED ,JZ6vf5,, `1 � cc: County Administrator PHIL BATCHELOR, CLERK OF County Counsel THE BOARD OF SUPERVISORS Auditor-Controller AND COUNTY ADMINISTRATOR Community Development -- Rural California Housing Corporation BY 1�1 , DEPUTY kh/k4/Marsh2 y located in the City of Brentwood. This project is being developed by Rural California Housing Corporation through a nonprofit subsidiary, the Marsh Creek Vista Homeowners ' Association. When complete, Marsh Creek Vista will include 102 units of self-help housing (new construction) for acquisition by very-low and low income households . All units will be occupied by households earning 80 percent or less of Area Median Income (AMI) , and a minimum of 40 units will be occupied by households earning 50 percent or less of AMI . County CDBG assistance will be targeted to 16 to 24 lower income households earning 60 percent or less of AMI . In order to qualify for participation in this project, households must agree to contribute "sweat equity" by assisting in the construction of the housing units under the supervision of the project sponsor. The Household's sweat equity contribution represents their downpayment for unit acquisition. Homeowner financing will be provided through a combination of Farmers ' Home Administration (FmHA) Section 502 loans, State Farmworker Grants, and CDBG funds . FmHA funds will be used to provide low-interest first mortgages, while State Farmworker Grants and CDBG funds will be used to provide assistance to farmworker and other low-income households who cannot qualify for the FmHA loan at the minimum interest rate allowable. Households assisted with CDBG funds must also be first-time homebuyers and agree to occupy the unit as their principle place of residence. This project will be initiated in December 1992, with all units completed and fully occupied by spring of 1996 . When complete, this project will substantially improve affordable housing opportunities in Contra Costa County.