HomeMy WebLinkAboutMINUTES - 04281992 - 1.58 1 . 58
HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA
TO: BOARD OF COMMISSIONERS DATE: April 28, 1992
FROM: Perfecto Villarreal, Executive Director cc:
SUBJECT: ADOPTION OF RESOLUTION NO. 3639 AUTHORIZING THE EXECUTION OF A STATE OF
CALIFORNIA STANDARD AGREEMENT
1. RECOMMENDED ACTION
Adoption of Resolution No.3639 authorizing the execution of a State of California Standard Agreement and
any other documents necessary to secure a Rental Housing Construction Program (RHCP) loan,for$3,085,597,from
the State of California by the Executive Director, for Casa del Rio, an 82 unit very low income senior housing
development in Antioch.
II. FINANCIAL IMPACT:
Funding for this project is covered by the following: (1) a California State Department of Housing and
Community Development (HCD) Rental Housing Construction Program (RHCP) loan of$3,085,597, (2) a California
Housing Finance Agency permanent loan of$2,597,734, (3) a City of Antioch funded Community Development Block
Grant of approximately$50,000, (4) City of Antioch Redevelopment Agency Tax Increment funds of$115,000 per year
for 40 years, (5) a City of Antioch Pre-development Loan of$50,000, (6) deferral of development fees in an amount of
$237,133 from the City of Antioch, and (7) the City of Antioch's contribution of the land, valued at$380,000.
III. REASONS FOR RECOMMENDATION/BACKGROUND
In order to complete the funding for Casa del Rio,the Housing Authority applied for a California Department
of Housing and Community Development RHCP loan. In the fall of 1991,the Housing Authority received a conditional
commitment, for $3,085,597 in RHCP funds, from HCD. To begin its loan closing process, HCD is requesting that
the Housing Authority execute a State of California Standard Agreement and other documents as needed to secure the
loan. The Standard Agreement provides a conditional loan commitment, encumbers the$3,085,597,and commits the
Housing Authority to develop the 82 units as affordable to very low income senior residents.
At its regular meeting on April 20, 1992, the Advisory Housing Commission recommended adoption of
Resolution No.3639 authorizing the execution of the Standard Agreement and any other documents necessary to secure
a RHCP loan,for$3,085,597,from the State of California by the Executive Director. County Counsel has reviewed the
Standard Agreement and staff has addressed those issues raised by Counsel.
IV. CONSEQUENCES OF NEGATIVE ACTION:
Should the Board of Commissioners elect not to approve Resolution 3639 authorizing the Executive Director
to execute the Standard Agreement,the Housing Authority will be required to seek another funding source. Such action
may also jeopardize some of the other funding that has already been committed to this project.
CONTINUED ON ATTACHAMENT: SIGNATURE:
-RECOMMENDATION OF E(ECUnVE DIRECTOR RECOMMENDATION OF BOARD COMIvnTTEE
APPROVE rrrT-E
SIGNATURE(S)
ACTION OF BOARD ON �O / APPROVED AS RECOMN[ENDED OTIiIIt
VOTE OF CONRA SSIONERS
X UNANIMOUS MOUS(ABSENT � I HEREBY CERTIFY THAT THIS IS A TRUE AND CORRECT
AYES NOES COPY OF AN ACTION TAKEN AND ENTERED ON THE
ABSENP`. ABSTAIN: WNUM OF THE BOARD OF COMI CMONERS ON THE
DATE SHOWN.
ATTESTED
Phil Batchelor,Cterk of the Board of Commissioners
(,'/'ha&z�
BY ,DEPUTY
m1g:b"twash
j
THE BOARD OF COMMISSIONERS
HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA
RESOLUTION NO. 3639
RESOLUTION AUTHORIZING THE INCURRING OF AN INDEBTEDNESS
AND THE EXECUTION OF A STATE OF CALIFORNIA STANDARD AGREEMENT,
ANY AMENDMENTS THERETO, AND ANY OTHER DOCUMENTS
NECESSARY TO SECURE A RENTAL HOUSING CONSTRUCTION PROGRAM LOAN
FROM THE STATE OF CALIFORNIA BY THE EXECUTIVE DIRECTOR
WHEREAS, the State of California Department of Housing and
Community Development (the "HCD" ) has issued a Notice of
Funding Availability (the "NOFA" )under its Rental Housing
Construction Program (the "RHCP" ) ; and
WHEREAS, the Housing Authority of the County of Contra Costa (the
"Housing Authority) is a public entity; and
WHEREAS, the Housing Authority applied for an RHCP loan to cover
some of the costs for the proposed Casa del Rio, an 82
unit very low income senior housing development in
Antioch, CA; and
WHEREAS, on September 3, 1991, the Housing Authority (the
"Borrower" ) received a conditional commitment letter for
a RHCP loan, in an amount not to exceed $3, 085,597 , under
the above-described NOFA; and
WHEREAS, HCD has requested that the Borrower execute a State of
California Standard Agreement which provides a
conditional loan commitment, encumbers an amount not to
exceed $3, 085 ,597, and commits the Borrower to develop
Casa del Rio as very low income senior housing and all
other documents required to evidence the RHCP loan:
NOW, THEREFORE, BE IT RESOLVED, as follows :
1 . That the Board of Commissioners of the Housing
Authority of the County of Contra Costa does hereby
approve and accept the State of California Standard
Agreement, for an RHCP loan in an amount not to exceed
$3 , 085,597 , and any and all other documents deemed
necessary or appropriate in order to evidence and secure
the RHCP loan (collectively, the "RHCP Loan Documents" ) .
2 . That the Executive Director is hereby authorized and
directed to execute the RHCP Loan Documents , and any
amendments or modifications thereto.
3 . That this resolution shall take effect immediately.
PASSED AND ADOPTED THIS 28th- day of April , 19 92
by the following vote of the Commissioners :
_1. - -
AYES: Commissioners Powers ,_-Fanden, Schroder,
Torlakson, McPeak
NOES: None
ABSENT: None I hereby certify that this is a true and comsct copy of
an action taken and entered on the mhtutes of the
ABSTAIN: None Boar!of Supervisors on thq date sh
ATTESTED: `A6.--,&.�)
PHIL BAT HELOR,clerk of the Board
cc: County Administrator of Supervisors and County Administrator
County Counsel
Deputy
Housing Authority By