HomeMy WebLinkAboutMINUTES - 09092003 - C.122 TO: BOARD OF SUPERVISORS �V.. _ ,�• Contra
Costa
FROM: Dennis M. Barry, AICD County
Director of Community Development
DATE: September 9, 2003
SUBJECT: Execution of Required Legal Documents for the Garden Park Apartments Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) &BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director, Redevelopment or his designee to enter into the required legal documents to
provide $1,000,000 in FY 2001/02 Community Development Block Grant(CDBG) funds to the Garden Park
Apartments project in Central County/Pleasant Hill.
FISCAL IMPACT
None. Funds for the project will come from FY 2001/02 CDBG funds. CDBG funds are provided to the County
on a formula allocation basis through the U.S. Department of Housing and Urban Development(HUD).
BACKGROUND/REASONS FOR RECOMMENDATIONS
On May S, 2001,the Board of Supervisors approved the allocation of$1,000,000 in CDBG funds to Contra
Costa Interfaith Transitional Housing and Mercy Housing California to develop the Garden Park project.
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CONTINUED ON ATTACHMENT: X YES SIGNATURE:
>--R=ECOMMENDATION OF COUNTY ADMINISTRATOR OMMEND ON OF BOARD
COMMITTEE
.--APPROVE OTHER
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SIGNATURE(S):
SL ACTION
OF BOARD ON -9. mi APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS(ABSENTy ) 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: Kara Douglas, 335-1253 ATTESTED Sepfr 9, 2003
Orig: Community Development/CDBG JOHN SWEETEN,CLERK.
cc: County Administrator OF THE BOARD OF SUPERVISORS
County Counsel ANWCOUNTY ADMINISTRATOR
Auditor-Controller BY `' =; 3f' `, , DEPUTY
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This project will increase the supply of permanent supportive housing for homeless families through the
acquisition and rehabilitation of an existing 28 unit apartment building on Lisa Lane in Pleasant Hill.
Tenants will pay 30 percent of their income in rent, and must participate in case management.
.Funds are to be provided in the form of a loan with a 55 year term, 3 percent simple interest, and repayment
from residual receipts. Affordability and use restrictions will be incorporated into the County loan documents.
Additional financing includes Housing Opportunities for Persons with AIDS, Vento-McKinney Act funds,
CDBG funds from Concord and Walnut Creek, and private grants and donations.
The total project cost is $3,740,091. The proposed development budget and sources of funds for this project are
as follows:
Source Amount
FY 2001/02 CDBG funds $1,000,000
FY 2000/01 and FY 2001/02 HOPWA funds 680,000
McKinney Act Supportive Housing Program funds 500,000
HEDCO grant 250,000
FHLB Affordable Housing Program 145,000
City of Concord CDBG 75,000
City of Walnut Creek CDBG 75,000
Corporation for Supportive Housing 35,000
Sponsor equity and capital contribution 847,153
Fundraising donations 133,838
TOTAL $3,740,991
The project sponsor is also seeking$2,100,000 in additional funds from the State Multi-family Housing
Program. If successful, these funds will be used to build an on-site community center, increase the rehabilitation
budget, and retire a portion of the CDBG loan.
Legal documents for this project include, but may not be limited to a loan and regulatory agreement.