HomeMy WebLinkAboutMINUTES - 10121993 - 1.38 38
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Costa
TO: BOARD OF SUPERVISORS
County
FROM: Harvey E. Bragdon
Director of Community Development
DATE: October 12, 1993
SUBJECT: CDBG Project Agreement and Loan Documents for the Pinole Senior
Housing Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
( 1) APPROVE the allocation of $200,000 in FY 1993/94 Community
Development Block Grant (CDBG) Housing Development Assistance funds
for the Pinole Senior Housing Project and (2 ) AUTHORIZE the Deputy
Director, Redevelopment, or his designee to execute a CDBG Project
Agreement and required loan documents with BRIDGE Housing Corporation
. for this purpose.
FISCAL IMPACT
No General Funds are involved. Funds for this project will come from
the FY 1993 CDBG Housing Development Assistance Fund approved by the
Board of Supervisors on February 23, 1993 . CDBG funds are provided
to the County through the U.S. Department of Housing and Urban
Development.
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
i
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDAT O OF BO RD CO MMI EE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON OCT 12 1993 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: Z�� NOES: ACTION TAKEN AND ENTERED ON THE
ABSENV AABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Contact: Kathleen Hamm
646-4208 ATTESTEDOCT 1212 19933
cc : County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller (N. Garnett) AN COUNTY ADMINISTRATOR
Community Development/File
City of Pinole B , DEPUTY
BRIDGE Hsg. Corp.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On February 23, 1993, the Board of Supervisors approved the
allocation of $644, 700 in FY 1993 CDBG funds to the Housing
Development Assistance Fund (HDAF) for use in funding affordable
housing projects as they develop throughout the program year. In
March of 1993, the Housing and Community Development Advisory
Committee voted unanimously to recommend that the Board of
Supervisors approve an allocation of $200, 000 from this fund to
BRIDGE Housing Corporation for the Pinole Grove Senior Housing
Project. As proposed, this project will provide 70 units of newly
constructed multifamily rental housing affordable to lower income
seniors in East County, including 36 units which will be affordable
to households with incomes at/below 50 percent of area median
income (AMI ) and 34 units which will be affordable from 50 to 60
percent AMI . The requested CDBG/HDAF funds will be used for site
acquisition. If approved, the funds will be provided in the form
of a residual receipts loan which will be forgivable in 31 years in
exchange for an additional 19 years of maintained affordability.
As indicated by the following financing sources, this project
represents an opportunity for a partnership effort between the
County and the City of Pinole, the nonprofit community, and the
private sector:
Permanent Loan/Private Source $1,670,000
City of Pinole Redevelopment
Agency $ 900, 000
Low Income Housing Tax Credits $3,500, 000
Developer Equity/Loan (BRIDGE) $ 611, 000
Deferred Interest $ 33, 000
County CDBG/HDAF $ 200, 000
County HOME .Funds $ 200,000
Total Resources/Project Cost $7 , 114,000
On February 23, 1993, the Board of Supervisors approved an
allocation of $150, 000 in FY 1992 HOME funds for the Pinole Grove
Project. A recommendation for an additional allocation of $50,000
out of FY 1993 HOME funds is also before the Board of Supervisors
on this Agenda. In addition, this project has also been approved
for funding by the City of Pinole and the California Tax Credit
Allocation Committee. BRIDGE is currently negotiating with two
lenders for permanent financing. Following successful completion
of the financing package, BRIDGE plans to acquire the site and
initiate construction on this project in 1993, with completion and
occupancy by June of 1995 .
File: D1.11(e) (19.10)
KH/k5/BRDG1