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HomeMy WebLinkAboutMINUTES - 11022004 - C71 TO: BOARD OF SUPERVISORS .� '' ,, Contra FROM: DENNIS M. BARRY, AICP M Gaeta COMMUNITY DEVELOPMENT DIRECTOR , DATE. November 2 2004 County e'71 SUBJECT: Allocation of$2,800,000 in FY 2004/05 Community Development Black Grant Housing Development Assistance Funds for the Brentwood Senior Commons project. SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION RECOMMENDATION: (1) APPROVE the allocation of $2,800,000 in FY 2004/05 Community Development Block Grant (CDBG)/Housing Development Assistance Funds (HDAF) to Eden Housing for the Brentwood Senior Commons project in Brentwood and (2) AUTHORIZE the Deputy Director — Redevelopment, or his designee to execute all legal documents required to complete this project. FINANCIAL IMPACT: No General Fund impact. Funds for this project will come from FY 2004/05 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: On October 20, 2004, the Affordable Housing Finance Committee voted to recommend that the Board approve $2,800,000 in FY 2004/05 CDBG/HDAF to Eden Housing for this project. The meeting was one member Short of a quorum. However, the members present were unanimous in their support of this recommendation. The current balance of the CDBG/HDAF is $3,211,909. Assuming approval of this project, the FY 2004/05 CDBG/HDAF will have a remaining balance of$411,901. ' CONTINUED ON ATTACHMENT: xYES SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR 1771O RI ENDATI F BOAR➢C©MMt E [3-APPROVE []OTHER SIGNATURE(S):'--, _ 1 ACTION OF BA]tb ON I s .t # APPROVED AS RECOMMENDED 1; OTHER ❑ VOTE OF SUPERVISORS: i HEREBY CERTIFY THAT THIS IS A TRUE AND r CORRECT COPY OF AN ACTION TAKEN AND V UNANIMOUS(ABSENT ENTERED ON THE MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHOWN. AYES: NOES: ABSENT: ABSTAIN: ATTESTED Contact: Sara Welch, 335-1264 JOHN SWEETEN,CLERK OF THE BOARD OF SUPERVISORS AND COUNTY ADMINISTRATOR cc: CAO County Counsel Community Development/CDBG ' By:.. '4.r. "—. Deputy The purpose of this project is to provide 80 units of multifamily rental housing affordable to and occupied by extremely low and very-low income seniors in Brentwood and East County. The. project consists of 79 one-bedroom units and 1 one-bedroom manager's unit on a vacant site in Brentwood. The site is part of a Western Pacific subdivision and is surrounded by single- family homes. it is within walking distance to shops, services, and John Muir Brentwood Medical Center. All units will remain affordable through recorded regulatory agreements for at least 55 years. The total cost of this project is $19,020,120 or$237,752 per unit. CDBG funds $2,800,000 City of Brentwood 1,000,000 LIHTCIEquity Investor 11,016,318 Private Lender Loan 3,392,796 Deferred developer Fee 500,000 General Partner Equity 11,006 Cather funds 300,000 TOTAL $18,720,120 Required legal documents for this transaction include, but may not be limited to a loan agreement, regulatory agreement, promissory note, and deed of trust and security agreement.