HomeMy WebLinkAboutMINUTES - 10121993 - 1.39 39
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TO: BOARD OF SUPERVISORSr��•r'c'+
County
FROM: Harvey E. Bragdon
Director of Community Development
DATE: October 12, 1993
SUBJECT: HOME Project Agreement and Loan Documents for the Pinole Senior
Housing Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director, Redevelopment, or his designee to ( 1)
execute a HOME Project Agreement with BRIDGE Housing Corporation to
provide $200,000 in HOME funds for a project to provide 70 units of
affordable senior housing; and (2) execute required loan documents
with BRIDGE Housing Corporation for this purpose.
FISCAL IMPACT
No General Funds are involved. Funds for this project will come from
FY 1992/93 HOME Investment Partnership Act funds provided to the
County through the U.S. Department of Housing and Urban Development.
CONTINUED ON ATTACHMENT: X YES SIGNATURE: �J�►n.OJ �? �
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDA I 14 OF BOA D COMMIT E
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON GET 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 : Jr, NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: v ABSTAIN: .Iz MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Contact: Kathleen Hamm
646-4208 ATTESTED OCT 12 1993
cc: County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller (N. Garnett) AND COUNTY ADMINISTRATOR
Community Development/File
City of Pinole BY , DEPUTY
BRIDGE Hsg. Corp.
BACKGROUND/REASONS FOR RECOMMENDATIONS
As proposed, the Pinole Grove Senior Housing Project to be
developed by BRIDGE Housing Corporation will provide 70 units of
newly constructed multifamily rental housing affordable to lower
income seniors in East County. The project will include 36 units
affordable to and occupied by senior households with incomes
at/below 50 percent of area median income (AMI) and 34 units
. affordable from 50 to 60 percent AMI . The requested HOME 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 to BRIDGE Housing
Corporation for the Pinole Grove Senior Housing Project. On
October 12 , 1993, the Board will consider: the allocation of FY
1993 HOME funds which includes an additional $50,000 for this
project; and the allocation of $200,000 in Community Development
Block Grant Housing Development Assistance funds as unanimously
recommended by the Housing and Community Development Advisory
Committee. In addition, this project has 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: D1.10(h) (1.4)
KH/k5/BRDG2