HomeMy WebLinkAboutMINUTES - 12061994 - 1.137 Contra
Costa
TO: BOARD OF SUPERVISORS '
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FROM: Harvey E. Bragdon
Director of Community Development
DATE: December 6, 1994
SUBJECT: HOME Project Agreement and Loan Documents for the Golden Oak Manor
Senior Housing Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director, Redevelopment to execute a HOME Project
Agreement and required loan documents to provide $325,000 in HOME
Investment Partnership Act funds to Ecumenical Association for
Housing, Inc. for the Golden Oak Manor Senior Housing Project. "
FISCAL IMPACT
No General Funds are involved. HOME Investment Partnership Act (HOME)
funds were approved for this project by the Board of Supervisors on
October 12, 1993 . HOME funds are provided to the County through the
U.S. Department of Housing and Urban Development.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The purpose of the Golden Oak Manor Senior Housing Project is to
improve affordable housing opportunities for seniors in Oakley and the
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMEND N OF B RD COMMITT E
APPROVE OTHER
SIGNATURE(S) : "
ACTION OF BOARD ON December 6 , 1994 APPROVED AS RECOMMENDED x OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
x UNANIMOUS (ABSENT 2 ,4 ) 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 6 , 1994
cc: County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller (N. Garnett) COU ADMINISTRATOR
Community Development
Ecumenical Assn. for Hsg. via BY , DEPUTY
Community Development
East County area. The project will be located at 2300 Oakley Road
in Oakley and will be developed, owned and managed by Ecumenical
Association for Housing, Inc. When complete, the project will
result in the new construction of 50 units of multifamily rental
housing for very-low and low-income senior households, including a
minimum of 15 units affordable to and occupied by households with
incomes at or below 40 percent of the area median income (AMI) , 34
units affordable to/occupied by households at/below 50 percent of
AMI , and one manager' s unit. Twenty-four of the units will be
designated as County HOME-assisted units and will have
affordability and use restrictions as required by the HOME Program
and the County. 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. HOME funds will be used for site acquisition,
closing costs, project financing and legal fees, marketing, and an
initial operating reserve. The HOME funds will be provided in the
form of a residual receipts loan with the following terms : 4
percent simple interest; 60 year term; affordability and use
restrictions incorporated. All sources of funds for this project
have been approved and include the following:
FY 1993 Contra Costa County HOME funds $ 325,000
Contra Costa Redevelopment Agency funds $ 780,000
FY 1994/95 Contra Costa Community Develop-
ment Block Grant funds $ 285,000
Low Income Housing Tax Credits $2,460,211
Private Lender Financing $ 695, 000
Partner Capital $ 82,679
TOTAL $4,627, 890
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