HomeMy WebLinkAboutMINUTES - 10101995 - C41 �4 Contra
TO: BOARD OF SUPERVISORS tt --" Costa
County
•J
FROM: Harvey E. Bragdon
Director of Community Development
DATE: October 10, 1995
SUBJECT: HOME Project Agreement and Loan Documents for the Rumrill Gardens
Affordable Housing Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director, Redevelopment, or his designee to ( 1)
enter into HOME Project Agreement 94-7 with Lao Family Community
Development, Inc. (LFCD) to provide $250,000 in FY 1994 HOME
Investment Partnership Act (HOME) funds for the Rumrill Gardens
Affordable Housing Project and (2 ) execute required loan documents
with LFCD for this purpose.
FISCAL IMPACT
No General Funds are involved.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On September 13, 1994, the Board of Supervisors approved the
allocation of $250,000 in FY 1994 HOME funds to Lao Family Community
Development, Inc. for the Rumrill Gardens Affordable Housin P oject
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
i
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMEND TI OF ARD COMM TEE
APPROVE OTHER
i
i
SIGNATURE(S) :
ACTION OF BOARD ON n f D . 9S APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
✓ UNANIMOUS (ABSENT X7__ ) 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 ATTESTEDC _
cc: County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller (N. Garnett) AND COUNTY ADMINISTRATOR
Community Development L.-
BY
'BY �_, DEPUTY
_r
located on Rumrill Boulevard near Market Avenue in San Pablo. The
purpose of this project is to remove a condition of neighborhood
blight and improve affordable housing opportunities for very-low
and low-income households in West County. The project will consist
of 32 units of newly constructed multifamily housing, including
three and four bedroom units suitable for large families . Fifteen
of the total project units will be designated as HOME-assisted,
including a minimum of eight three and four-bedroom units . All
HOME units will be required to comply with HOME Program
affordability and occupancy requirements . Additional affordability
restrictions will be required as a result of the use of Low Income
Housing Tax Credits (LIHTC) in this project. Specifically, 40
percent of the units will be affordable to and occupied by
households with incomes at or below 50 percent of the area median
income adjusted for household size (AMI, currently $27,700 for a
family of four) . All remaining units will be affordable to
households with incomes at or below 60 percent AMI . The units will
remain affordable for a minimum of 60 years . The HOME funds will
be used for construction and other eligible project costs .
In addition to the FY 1994 HOME funds, the County has provided the
following resources to this project: $90, 000 in FY 1993/94
Community Development Block Grant (CDBG) funds; and $275,000 in FY
1993 HOME funds . The additional $250,000 in HOME funds represent
the final resources required to successfully complete this project.
The required match of $75,000 for the HOME funds will be provided
by the City of San Pablo.
Total costs for this project are presented in the following:
Site acquisition $ 325,000
On and offsite improvements $ 450,000
Construction $2, 995,200
Soft costs (architecture, $ 909,400
engineering, legal, financing fees)
TOTAL $4 ,829, 600
Total project resources include:
FY 1994 HOME funds $ 250,000
FY 1993 HOME funds $ 275,000
FY 1993/94 County CDBG funds $ 901000*
City of San Pablo $ 157,500
LIHTC $2,815, 100
FHLB Affordable Housing Program $ 125, 300
Private Lender Loan $1, 116,700
TOTAL $4,829,600
*The original CDBG allocation to the Rumrill Gardens Project
totaled. $240,000 for site acquisition. The total project includes
commercial space for small business development and a community
center to be located on a portion of the site fronting on Rumrill
Boulevard. In order for the housing component to proceed, it is
necessary to subdivide the site into the three components (see
related agenda item ) . Therefore, the housing budget presented
in the preceding does not include $150,000 in CDBG funds designated
for acquisition of the sites for commercial development or the
community center.