HomeMy WebLinkAboutMINUTES - 05221990 - I.O.3 TO: BOARD OF SUPERVISORS Contra
CostaFROM: •, % !•
INTERNAL OPERATIONS COMMITTEE
County
DATE:
May 14, 1990
SUBJECT: REPORT ON PROSPECTIVE FINANCING OF APARTMENT PROJECTS
WITH TAX EXEMPT BONDS
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
1. Agree to participate in qualified 501 (c) ( 3 ) and
Governmental Bond Financing of Multi-Family Projects,
including participating in those projects where most of the
units are rented at market rates with a portion (generally
20% to 400) being made available for low and moderate income
households at affordable rents.
2. Request the Deputy Director, Redevelopment Agency, to
develop proposed minimum public purpose standards for 501
(c) ( 3 ) and Governmental Bond Financing of Multi-Family
Projects, share those proposed standards with the Executive
Director of the Contra Costa Housing Authority and Social
Services Director for their comments and return such
standards to the Internal Operations Committee, along with
the comments of the Housing Authority and Social Services
Department.
3 . Request the Deputy Director, Redevelopment Agency to develop
a list of qualified non-profit partners for such
Multi-Family Projects and return such a list to the Internal
Operations Committee.
4 . Adopt as a Board policy that whenever governmental bonds are
to be used in such financing projects the County, the
Housing Authority or a non-profit subsidiary of either the
County or the Housing Authority should have an .ownership or
equity position in the project.
CONTINUED ON ATTACHMENT%eg_YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF OARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON fid=-22, 1 n APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
1 HEREBY CERTIFY THAT THIS IS A TRUE
X UNANIMOUS(ABSENT ) AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON
THE DATE SHOWN.
CC: ATTESTED0701r /990
PHIL BATCHELOR,CLERK OF THE BOARD OF
Please See Page 2. SUPERVISORS AND COUNTY ADMINISTRATOR
M382 (10/88) BY DEPUTY
BACKGROUND:
on March 6, 1990 the Board of Supervisors received and referred
to our Committee the attached report from the Community
Development Director on the Financing of Multi-Family Housing
Projects Owned by Non-Profit Organizations or Government
Entities.
On May 14 , 1990 our Committee met with Jim Kennedy and reviewed
the report. The availability of this new financing mechanism
raises four policy issues on which staff is seeking some
direction from the Board of Supervisors. These four policy•
issues are clearly identified on page two of the attached report.
We discussed these policy issues and are recommending the above
position be taken by the Board of Supervisors on each of these
policy issues.
Particularly in regard to the use of minimum public purpose
standards, we are inviting the Executive Director of the Housing
Authority and the Social Services Director to participate in the
development. of proposed standards and then to meet with our
Committee when we consider these standards so we can have the
benefit of their thinking.
cc: County Administrator
Community Development Director
Deputy Director, Redevelopment Agency
County Counsel
Auditor-Controller
Treasurer-Tax Collector
Executive Director, Contra Costa Housing Authority
Social Services Director
Deputy County Administrator-Capital Projects