HomeMy WebLinkAboutMINUTES - 10201998 - C65 f ,.L Contra
Costa
TO: BOARD OF SUPERVISORS
FROM: Dennis M. Barry, AICD Counry
Community Development Director
DATE: October 20, 1998
SUBJECT. Amendment to the FY 1998199 Contra Costa County Action. Plan
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AMEND the FY 1998/99 Contra Costa County Action Plan to include as a
project the provision of a Community Development Block Grant (CDBG)
float loan for the Coggins Square Affordable HousingDevelopment.
FISCAL IMPACT
No General Fund impact. The proposed loan will be from unexpended
balances in the ,County's CDBG line of credit with the federal
government. The loan will be secured by bond funds and repaid from
the project's permanent financing. No previously programmed use for
CDBG funds will be impaired.
CONTINUED ON ATTACHMENT: X YES S IGNATURE: { ���✓��
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDAT7,OF BOAR- COMMITTEE/
C APPROVE OTHER
SIGNATURE{S}
ACTION OF BOARD ON October 20, 1938 APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
X 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 K. Hamm
335-1257 ATTESTED` October 20, 1998
cc. County Administrator PHIL BATCHELOR, CLERIC OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller AND CO TY ADMINISTRATOR
Community Development
BRIDGE via Comm. Developmt. BYDEPUTY
BACKGROUND/REASONS FOR RECOMMENDATIONS
The purpose of the Coggins Square Project is to develop 87 units of
newly constructed multifamily housing affordable to and occupied by
extremely-low and very--low income households on a currently vacant
site in the Pleasant Hill BART Redevelopment Area. The project is
being developed by BRIDGE Housing Corporation with financial
assistance from the County, including $2,450,000 in previously
approved Community Development Block Grant and HOME Investment
Partnership Act funds . On May 7, 1996, the Board of Supervisors
approved an additional allocation of up to $3 million in County
CDBG funds to provide a short-term, zero-interest construction loan
(the "CDBG float loan" ) to BRIDGE for the Coggins Square Project.
The construction loan will be provided from unexpended balances in
the County's CDBG line of credit with the federal government. The
CDBG funds will be fully secured through an irrevocable line of
credit using bond funds and repaid within 19 to 24 months; no
previously programmed use for the CDBG funds will be delayed or
impaired.
In order for the County to provide the requested construction loan
for Coggins Square, federal regulations require that the County
amend its FY 11998/99 Annual Action Plan to add the CDBG float loan
as a separate project. A public notice of amendment to the FY
1998/99 Action Plan was published in area news media in order to
provide members of the public with an opportunity to comment on the
proposed amendment. No comments have been received by the
Department.
KKH/K16/APA1