HomeMy WebLinkAboutMINUTES - 11081994 - 1.98 Contra
Costa
TO: BOARD OF SUPERVISORS Cour
r c'v� J
FROM: Harvey E. Bragdon
Director of Community Development
DATE: November 8, 1994
SUBJECT: CDBG Project Agreement and Loan Documents for the Golden Oak Manor
Senior Housing Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
( 1) APPROVE the allocation of $285, 000 in FY 1994/95 Community
Development Block Grant (CDBG) funds for the Golden Oak Manor Senior
Housing Project sponsored by Ecumenical Association for Housing, Inc. ,
in Oakley; and (2) AUTHORIZE the Deputy Director, Redevelopment or his
designee to execute a CDBG Project Agreement and required loan
documents for this purpose.
FISCAL IMPACT
No General Funds are involved. Funds for this project will come from
the FY 1994/95 CDBG Housing Development Assistance Fund. CDBG funds
are provided to the County through the U.S. Department of Housing and
Urban Development.
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDA I N OF BOA D COMMITTE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON APPROVED AS RECOMMENDED 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 NOV 9 1994
646-4208 ATTESTED
cc: County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller (N. Garnett) AND COUNTY ADMINISTRATOR
Community Development �� n n, n
EAH via Community Developmt. BY oOiV� z ,�__ DEPUTY
1. C(%
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BACKGROUND/REASONS FOR RECOMMENDATIONS
On February 15, 1994 , the Board of Supervisors approved the allocation
of $455, 100 in FY 1994/95 CDBG funds to the Housing Development
Assistance Fund (HDAF) for use in funding affordable housing projects as
they develop throughout the program year. Including carryover funds of
$99,474 from the preceding year, the current unobligated balance in the
HDAF is $554,574 .
On November 2, 1994, the Housing and Community Development Advisory
Committee voted to recommend that the Board of Supervisors approve an
allocation of $285,000 from the HDAF to Ecumenical Association for
Housing for the Golden Oak Manor Senior Housing Project. The purpose of
this project is to improve affordable housing opportunities for low-
income seniors . As proposed, this project will result in the new
construction of 50 units of multifamily rental housing, including a
minimum of 10 units affordable to senior households with incomes less
than or equal to 40 percent of the area median income (AMI) , 29 units
affordable at incomes less than/equal to 50 percent AMI, 10 units at 56
percent AMI, and one manager' s unit. The units will remain affordable
for a minimum of 60 years .
The total development cost for this project is $4,627 ,890 or $92,558 per
unit. CDBG funds will be used for site acquisition and provided in the
form of a 60-year residual receipt or deferred loan with occupancy and
rent restrictions . With the exception of CDBG funds, all remaining
funds for this project have been approved, including:
FY 1993 Contra Costa County HOME Funds $ 325,000
Contra Costa Redevelopment Agency Funds $ 780,000
Low Income Housing Tax Credits $2,460,211
Private Lender Financing $ 695,000
Partner Capital $ 82,679
FY 1994/95 CDBG-HDAF $ 285,000
TOTAL $4, 627,890
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