HomeMy WebLinkAboutMINUTES - 06281994 - 1.54 Contra
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TO: BOARD OF SUPERVISORS - County
FROM: Harvey E. Bragdon
Director of Community Development
DATE: June 28, 1994
SUBJECT: Community Development Block Grant Project Agreement and Loan Documents
for North Richmond Senior Housing Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director, Redevelopment, or his designee to ( 1)
execute a Community Development Block Grant (CDBG) Project Agreement
with Community Housing Development Corporation of North Richmond to
provide $288,000 in FY 1994/95 CDBG funds for a project to build 50
units of affordable senior housing; and (2) execute required loan
documents for this purpose.
FISCAL IMPACT
No General Funds Are 'involved. Funds . for this project will come from
FY 1994/95 CDBG funds provided to the County through the U. S.
Department .of Housing and Urban Development (HUD) .
BACKGROUND/REASONS FOR RECOMMENDATIONS
On March 1, 1994, the Board of Supervisors approved the Final
Statement of Objectives and Projected Use of CDBG Funds for FY
CONTINUED ON ATTACHMENT: X YES SIGNATURE: ___.yl��
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDAT O OF BOARD OMMITTEV
APPROVE OTHER /
SIGNATURE(S) :
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
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 Hamm
646-4208 ATTESTED
cc: County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller (N. Garnett) AND COUNTY ADMINISTRATOR
Community Development
Community Housing Development BY � , DEPUTY
Corporation
1994/95, including an allocation of $288,000 to Community Housing
Development Corporation of North Richmond (CHDC) for the new
construction of 52 units of affordable multifamily rental housing for
lower-income seniors : in North Richmond and the surrounding area. The
project will be located in the North Richmond Redevelopment Area on a
site bounded by Second Street, Grove Avenue, Third Street, and Chesley
Avenue. CHDC will enter into a joint-venture agreement with Eden
Housing, Incorporated for purposes of developing and managing this
project. A minimum of 25 units in the project will be reserved for
very-low income seniors (incomes at/below 50 percent of the area
median) . Rents paid by the very-low income households will not exceed
30 percent of gross monthly income.
The total development cost of this project is current estimated at
$4,970,000 . Prospective uses and sources of funds for this project are
the following:
Uses Amount
Site Acquisition and Land Improvements $ 685,000
Construction $3,683,000
Insurance, Taxes, and Financing Fees $ 75, 000
Soft Costs (marketing, legal fees, audit,
consulting fees, administration) $ 527,000
TOTAL DEVELOPMENT COST $4,970, 000
Sources of Funds Amount
FY 1994/95 County CDBG $ 288, 000
County Redevelopment Agency $ 505,000
HUD Section 202 Capital Advance $3,863, 000
Other financing sources $ 314,000
TOTAL SOURCES OF FUNDS $4,970,000
CDBG funds may be used for predevelopment, relocation, site acquisition,
and construction. The CDBG funds will be provided to CHDC in the form
of a low-interest deferred loan with a minimum 55 year term.
Affordability and use restrictions will be incorporated in appropriate
loan documents and recorded as a lien against the property.
KH/k9/NR5