HomeMy WebLinkAboutMINUTES - 01241995 - 1.34 3q
Contra
Costa
TO: BOARD OF SUPERVISORS �u /
r^ c County
y
FROM: Harvey E . Bragdon
Director of Community Development
DATE: January 24, 1995
SUBJECT: HOME Investment Partnership Act Agreement and Loan Documents for North
Richmond 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 Investment Partnership Act (HOME) Project Agreement
with Community Housing Development Corporation of North Richmond and
Eden Housing, Inc. to provide $300, 000`-in FY 1994 HOME"' -funds for a
project to build 52 units of affordable senior housing; and (2 )
execute required loan documents . for this purpose. .
FISCAL IMPACT
No General Funds are involved. Funds for this project will come from
FY 1994 HOME funds provided through the U.S. Department of Housing and
Urban Development.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On September 13, 1994 , the Board of Supervisors approved the
allocation of Contra' Costa FY 1994 HOME funds, includin an allocati
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
P j
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMEND TI OF BOA COMMITT
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON JAN 2 4 199b 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
646-4208 ATTESTED. JAN 24 1995
cc: County Administrator PHIL BATCH OR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller (N. Garnett) AND COUNTY ADMINISTRATOR
Community Development
CHDC/Eden via Community Development BY , � DEPUTY
Ll
of $300, 000 to Community Housing Development Corporation of North
Richmond (CHDC) for the new construction of 52 units of affordable
multifamily rental housing for lower-income seniors in Contra Costa
County. The project will be located in the North Richmond
Redevelopment Area on a site bounded by Second Street, Grove
Avenue, Third Street, and Chesley Avenue. CHDC will enter into a
joint-venture agreement with Eden Housing, Inc. for purposes of
developing and managing this project. A minimum of 25 units in the
project will be designated as HOME-assisted units to be occupied by
and affordable -to very-low income households ( incomes not exceeding
50 percent of the Area Median Income for the Oakland PMSA as
adjusted for household size) . Rents charged for the HOME-assisted
units will not exceed the HOME rent maximum for very-low income
households minus the appropriate utility allowance.
The total development cost of this project is currently estimated
at $5,257, 000 . Sources and uses of funds for this project include:
Uses Amount
Site Acquisition $ 705,000
Relocation/Demolition $ 219,000
Construction $3, 603, 865
Architecture/Engineering, Legal, Consultants $ 340,453
Soft Costs (marketing, developer fee,
insurance, taxes, etc. ) $ 262 , 860
TOTAL DEVELOPMENT COST $5,257, 196
Sources Amount
FY 1994 Consortium HOME funds $ 300, 000
FY 1994/95 County CDBG (approved) $ 288, 000
County Redevelopment Agency funds (approved) $ 581, 660
HUD Section 202 Capital Advance $3, 886, 116
City of Richmond $ 201,420
TOTAL SOURCES OF FUNDS $5,257, 196
HOME funds may be used for site acquisition, relocation,
demolition, and construction. The HOME funds will be provided in
the form of a 4 percent simple interest residual receipts loan with
a minimum 55 year term. Affordability and use restrictions will be
in effect throughout the loan term and will be incorporated into
appropriate loan documents and recorded as a lien against the
property.
kh/kll/BOS94-2