HomeMy WebLinkAboutMINUTES - 05161995 - 1.38 Contra
Costa
TO: BOARD OF SUPERVISORSu /
Co I IL y
FROM: Harvey E. Bragdon
Director of Community Development
DATE: May 16, 1995
SUBJECT: Approval of FY 1992 County HOME Funds for the Bay Point Multifamily
Rental Housing Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
( 1) APPROVE the reallocation of $250,000 in FY 1992 HOME Investment
Partnership Act (HOME) funds to the Bay Point Multifamily Rental
Housing Project sponsored by BRIDGE Housing Corporation; and
AUTHORIZE the Deputy Director, Redevelopment, or his designee to
execute a HOME Project Agreement and required loan documents for this
purpose.
FISCAL IMPACT
No General Funds are involved. A reallocation of FY 1992 Contra Costa
County HOME funds is recommended to support this project. HOME funds
are provided to the County through the U.S . Department of Housing and
Urban Development.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The purpose of the Bay Point Multifamily Housing Project is to
increase the supply of housing affordable to lower-income households
. CONTINUED ON ATTACHMENT: X YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDA OF BO RD COMMIT E
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 lcty� �(p . 19 9�
cc: County Administrator PHIL BA HELD , CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller (N. Garnett) AND COUNTY ADMINISTRATOR
Community Development
BRIDGE via Comm. Dev. BY , DEPUTY
through the new construction of 46 units of additional rental
housing in East County. The project will be developed by BRIDGE
Housing Corporation on a 1 . 8 acre site located on the southwest
corner of Willow Pass Road and Albers Lane in the Bay Point
Redevelopment Area. As proposed, the project will include 21 two-
bedroom, eight three-bedroom, and nine four-bedroom apartments and
townhomes appropriate for large families . All units will be
affordable to and occupied by households with incomes at or below
50 percent of the Area Median Income ($27, 700 for a four-person
household) . Twenty-two units will be HOME-assisted. The units
will remain affordable for a minimum of 60 years .
The total development cost for this project is $6 . 5 million or
$141,908 per unit. HOME funds will be used for site acquisition
and provided in the form of a 60-year residual receipt or deferred
loan with occupancy and affordability restrictions . Funding
sources for this project include the following:
FY 1992 Contra Costa County HOME Funds $ 250,000
County Redevelopment Agency Funds $ 800,000 approved
County CDBG Funds $ 300,000 approved
Low-Income Housing Tax Credits (LIHTCs) $3, 947 ,782 pending
Private Lender Financing $1,230,000 approved
TOTAL $6 ,527,782
Approval of the HOME funds is recommended contingent on approval of
an allocation of LIHTCs for this project by the State.
The $250,000 in FY 1992 HOME funds recommended for this project
were originally allocated by the Board of Supervisors to the Leland
Village Project, an affordable single-family homeownership
development proposed by Pacific Community Services, Inc. (PCSI) , in
Pittsburg. These funds were returned by PCSI to the County' s HOME
Program when the project proved infeasible due to acquisition of
the proposed site by a private developer for the construction of
market rate housing.
This project is eligible for HOME funding and consistent with
County housing priorities as identified in the current Housing
Element and recently approved Contra Costa Consolidated Plan.
BRIDGE is experienced in both affordable housing development and
management: since its inception, BRIDGE has successfully developed
over 5,000 affordable housing units and currently manages
developments with more than 2,000 units . When complete, this
project will contribute to the redevelopment of the Bay Point
Project Area and significantly expand the supply of decent, safe,
and sanitary housing affordable to lower-income households in East
County.
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