HomeMy WebLinkAboutMINUTES - 04161996 - C63 Contra
Costa
TO: BOARD OF SUPERVISORS ;- au,,,, ,, ,
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FROM: Harvey E. Bragdon
Director of Community Development
DATE: April 16, 1996
SUBJECT: FY 1994 HOME Project Agreements and Loan Documents - Columbia Park Manor.
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director-Redevelopment or his designee to enter into: (1) a HOME Project
Agreement; and (2) required legal documents with Satellite Senior Homes to provide $255,000 in FY
1994 HOME funds for the Columbia Park Manor Project to develop affordable rental housing for very-
low income seniors.
FISCAL IMPACT
No General Fund impact. HOME funds are allocated by formula, through the U. S. Department of
Housing and Urban Development (HUD)to the Contra Costa Consortium.
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
_RECOMMENDATION OF COUNTY ADMINISTRATOR_RECOMME ION OF B ARD COMMITT
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON April 16, 1996 APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
X 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
cc: County'Administrator ATTESTED ,.A ri 1 16, 1996
County Counsel PHIL BATCHELOR, CLERK OF
Auditor-Controller(N. Garnett) THE BOARD OF SUPERVISORS
Satellite Senior Homes (via CDD) AND COUNTY ADMINISTRATOR
BY ,DEPUTY
C .1�3
BACKGROUND/REASONS FOR RECOMMENDATIONS
Satellite Senior Homes is working with Pittsburg Preschool Coordinating Council and the Housing
Authority of Contra Costa County to develop a 79-unit multi-family rental complex in Pittsburg for
very-low income seniors. This project will combine Satellite's 29 years of senior housing
development and management experience with Pittsburg Preschool's 22 years of service provision for
families and seniors, and will incorporate an intergenerational service program by providing to
resident seniors child care training and subsequent opportunities to participate in child care programs.
Columbia Park Manor, Inc., formed as the non-profit entity that will own and oversee the operations
of Columbia Park Manor, will purchase the currently vacant site adjacent to Pittsburg Preschool
from the Housing Authority.
On September 13, 1994, the Board of Supervisors approved an allocation of $255,000 in FY 1994
Home Investment Partnership Act (HOME) funds for this project. HOME funds, which represent
the last major source of financing required to complete the funding package for this project, will be
used in conjunction with U.S. Department of Housing and Urban Development (HUD) Section 202
funds for eligible development and construction related costs. When complete, this project will
provide 78 one-bedroom units of rental housing for very-low income seniors (income at or below 50
percent area median).
The total cost of this project is: $6,861,363. The development budget and sources of funds for this
project are:
Source Amount
Consortium HOME Funds $ 255,000
United Way Grant $ 10,000
County CDBG $ 25,993
LISC $ 100,000
LISC or LIHF $ 75,883
'HUD 202 Capital Advance $5,903,900
HACCC $ 200,000
State CDBG(Pittsburg) $ 75,000
Small Cities Grant $ 75,000
Sanitary District fee waiver $ 130,587
City of Pittsburg fee waiver 10,000
TOTAL $6,861,363
Use Amount
Predevelopment $ 221,042
Acquisition $ 300,000
Construction $6,340,321
TOTAL $6,861,363
Thirty-eight (38) of the units will be HOME-assisted. Consortium HOME funds will be used for
eligible development and construction expenditures approved in advance and in writing by the
County. All County/Consortium funds provided to Satellite Senior Homes for this project will be in
the form of a 50-year deferred loan. Affordability and use restrictions will be recorded against the
property and will apply throughout the loan term. At the end of 50 years, the loan may be
renegotiated in exchange for an additional period of required affordability and use as housing for
very-low income populations.
Satellite Senior Homes has developed and manages over 1,000 rental units for low-income seniors
throughout Alameda and Contra Costa Counties. Pittsburg Preschool Coordinating Council has 22
years of experience providing social services, including intergenerational programs such as the one
proposed for this project. Satellite will manage this project, with any future changes in management
to be approved by the County and HUD. Completion of this project will contribute substantially to
the County's efforts to serve very-low income persons.
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