HomeMy WebLinkAboutMINUTES - 12141993 - 1.69 � - Contra
Costa
TO: BOARD OF SUPERVISORS amu /
rA c „ cT County
FROM: Harvey E. Bragdon
Director of Community Development
DATE: December 14 , 1993
SUBJECT: HOME Project Agreement and Loan Documents for the Rumrill Park
Affordable Housing Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director, Redevelopment or his designee to ( 1)
execute HOME Project Agreement 93-5 with Lao Family Community
Development, Inc . (LFCD) to provide $275,000 in FY 1993 HOME
Investment Partnership Act (HOME) funds for the Rumrill Park
Affordable Housing Project; and (2) execute required loan documents
-with LFCD for this purpose.
FISCAL IMPACT
No General Funds are involved. Funds for this project will come from
FY 1993 HOME funds provided to the County through the U.S. Department
of Housing and Urban Development.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On October 12, 1993, the Board of Supervisors approved the allocation
of $275,.000 in FY 199.3 HOME funds to Lao Family Community Develo ent,
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF B6ARD COMMI EE
APPROVE OTHER
SIGNATURE(S) : -
ACTION OF BOARD ON December 14 , 1993 APPROVED AS RECOMMENDED x OTHER
VOTE OF SUPERVISORS
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 BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Contact: Kathleen Hamm
646-4208 ATTESTED December 14 , 1993
cc: County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller (N. Garnett) A COT ADMINISTRATOR
Community Development
LFCD BY_( DEPUTY
I
i
Inc. , for the Rumrill Park Affordable Housing Project located on
Rumrill Boulevard near Market Avenue in San Pablo. The purpose of
this project is to remove a condition of neighborhood blight and
improve affordable housing opportunities for the refugee population
and other very-low and low-income households in West County. As
proposed, the project will consist of 32 units of newly constructed
affordable rental housing units, including 16 two-bedroom, 14
three-bedroom, and two four-bedroom units . Due to the large number
of three and four bedroom units and the inclusion of a children' s
play area and community garden in the site plan, it is anticipated
that this project will serve larger families . Fourteen of the
total project units will be designated as HOME-assisted and
required to comply with HOME Program occupancy and affordability
requirements . Additional affordability restrictions will be
required as a result of the use of Low Income Housing Tax Credits
(LIHTC) in this project. Specifically, 40 percent of the units
will be affordable to and occupied by households with incomes at or
below 50 percent of the area median income adjusted for household
size. All remaining units will be affordable to households with
incomes at/below 60 percent of median. The units will remain
affordable for a minimum of 55 years .
Total costs for this project are presented in the following:
Site Acquisition $475,000
On and Offsite Improvements $255,000
Construction $2, 129,708
Permits, Construction Fees/Financing $527,032
Architecture/Engineering/Environmental $129,698
Tax Credit/Permanent Financing Fees $195,987
Other Indirect Costs $443, 176
TOTAL COSTS $4, 155, 601
Permanent funding sources include:
Contra Costa County FY 1993 HOME funds $275,000 Approved
Contra Costa County FY 1993/94 HDAF $240, 000 Requested
City of San Pablo Redevelopment Agency
Funds $82,500 Approved
Private Lender Financing $1,400,000
Low Income Hsg. Tax Credits $1,782,775 Approved
General Partner Loans/Deferred Fees $120,000 Approved
SAMCO/Foundation Grants $255,326
TOTAL FUNDING SOURCES $4, 155,601
As currently proposed, the HOME funds will be used for site
acquisition, architect fees, onsite improvements, project
management and construction, financing fees, marketing, and the
provision of an initial operating reserve. HOME funds will be
provided to the project in the form of a 40-year low interest
residual receipt or deferred loan. The project will be required to
remain affordable to and occupied by the target population
throughout the loan term. The loan will be forgivable in exchange
for a commitment by the project sponsor to an additional 20 years
of maintained affordability.
kh/k4/lfcd3