HomeMy WebLinkAboutMINUTES - 11091993 - 1.47 X47
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TO: BOARD OF SUPERVISORSCoUn
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FROM: Harvey E Bragdon
Director of Community Development
DATE: November 9, 1993
SUBJECT: CDBG Project Agreement and Loan Documents for the Parkway Estates
Affordable Housing Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director, Redevelopment, or his designee to ( 1)
execute Community Development Block Grant (CDBG) Project Agreement 19-
08 with Community Housing Development Corporation of North Richmond
(CHDC) to provide $200,000 in CDBG funds for site acquisition and
first-time homebuyer assistance for lower income households; and (2)
execute required loan documents for this purpose.
FISCAL IMPACT
C
No General Funds are involved. Resources for this project will come
from FY 1993/94 CDBG funds provided to the County through the U.S.
Department of Housing and Urban Development (HUD) .
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATTdNOF BOA D COMMIT E
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON Nn� 'qga APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
VI'UNANIMOUS (ABSENT IL ) 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 NOV 9 1993
cc: County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller (N. Garnett) ND COUNTY ADMINISTRATOR
Community Development Department
Community Housing Development BY , DEPUTY
Corporation of N. Richmond
4
BACKGROUND/REASONS FOR RECOMMENDATIONS
On February 23, 1993, the Board of Supervisors approved the
allocation of $200,000 in FY 1993 CDBG funds for the Parkway
Estates I Project to be located on a 6 .5 acre parcel at 217 West
Gertrude Avenue in North Richmond. This project is sponsored by
CHDC, a Neighborhood Nonprofit and Community Housing Development
Organization. The Parkway Estates I Project involves the new
construction of 59 single-family homes, 18 of which will be
affordable to low and moderate income households earning 60 to 80
percent of the area median income. CDBG funds will be used to
cover a portion of the site acquisition costs . Following
construction, the full amount of the CDBG funds will be rolled over
into silent seconds for use by low and moderate income households
in acquiring 18 of the units . All assisted households will be
first-time homebuyers . In addition to providing homeownership
opportunities, successful completion of this project will
contribute significantly to the revitalization of the North
Richmond area.
Total development costs for this project are currently estimated at
$7 . 8 million, including $575,000 for site acquisition. Funding
sources include CDBG ($200,000) , County Redevelopment Agency (RDA)
funds ($100,000) , LISC ($225,000) , and private financing. As
proposed, the CDBG funds will be provided in the form of a loan to
cover a portion of the site acquisition costs . Following
construction, the full amount of the CDBG funds will be rolled over
into silent second loans to enable a minimum of 18 low/moderate
income households to acquire units in the development.
KH/K4/CHDC1