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TO: BOARD OF SUPERVISORS - Cou�
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FROM: Harvey E. Bragdon
Director of Community Development
DATE: January 23, 1996
SUBJECT: HOME Project Agreement and Loan Documents for the Brentwood Senior Housing Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
(1) APPROVE the allocation of$135,000 in FY 1994 HOME Investment Partnership Act (HOME)
Program funds to Rural California Housing Corporation(RCHC) for the development of the Brentwood
Senior Housing Project; and(2)AUTHORIZE the Deputy Director, Redevelopment,or his designee to
execute a HOME Project Agreement and required loan documents with RCHC to provide $135,000 in
HOME funds for this project.
FISCAL IMPACT
No General Funds are involved. Funds for this project will come from previously unallocated FY 1994
HOME funds provided to the County through the U.S. Department of Housing and Urban Development.
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
_RECOMMENDATION OF COUNTY ADMINISTRATOR_RECO MkNDATI N OF B COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON� a- APPROVED AS RECOMMENDED, OTHER_
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE AND
UNANIMOUS (ABSENT ) CORRECT COPY, OF AN ACTION TAKEN AND
AYES: NOES: ENTERED ON THE MINUTES OF THE BOARD OF
ABSENT: ABSTAIN: SUPERVISORS ON THE DATE SHOWN.
Contact;Kathleen Hamm, 646-4208 ATTESTED LAA111t- 93
cc: County Administrator PBYL BATC-4VEM04 CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller(N. Garnett) AND COUNTY ADMINISTRATOR
Community Development
HOME Consortium Members BY ,DEPUTY
BACKGROUND/REASONS FOR RECOMNIENDATIONS
As proposed, the Brentwood Senior Housing Project to be developed by Rural California Housing Corporation
(RCHC)will provide 40 units of newly constructed multifamily rental housing affordable to very-low income seniors
in East County (those with household income at or below 50 percent of area median income). The project will
remain affordable for a minimum of 40 years per U.S. Department of Housing and Urban Development (HUD)
Section 202 Program requirements. The requested HOME funds will be used for site acquisition. If approved, the
HOME funds will be provided to the project in the form of a deferred or residual receipts low-interest loan with a
50-year period of affordability.
As indicated by the following financing sources, this project represents an opportunity for a partnership effort
between the County, the City of Brentwood, and the nonprofit community.
Funding Sources
HOME Funds $ 135,000
County CDBG $ 265,000 approved
City Redevelopment Funds $ 464,550 approved
HUD 202 Program $3,058,320 approved
TOTAL $3,922,870
HOME financing represents.the last significant amount of funding needed for this project. Following successful
completion of the financing package, RCHC plans to acquire the site and initiate construction on this project in
September, 1996, with completion and occupancy by September, 1997.
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