HomeMy WebLinkAboutMINUTES - 04161996 - C64 V
.4 Contra
Costa
TO: BOARD OF SUPERVISORS
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FROM: Harvey E . Bragdon County
Director of Community Development
DATE: April 16 , 1996
SUBJECT: HOME Project Agreement and Loan Documents for the Pittsburg Housing
Rehabilitation Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS.(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director, Redevelopment, or his designee to ( 1)
execute a HOME Project Agreement with the City of Pittsburg to provide
$300, 000 in HOME Investment Partnership Act funds for a project to
rehabilitate housing owned and occupied by lower-income households. 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 HOME Investment Partnership Act (HOME) funds provided to
the County through the U.S . Department of Housing and Urban
Development (HUD) .
BACKGROUND/REASONS FOR RECOMMENDATIONS
On October 3, 1995, the Board of Supervisors approved an allocation
of $300, 000 in HOME funds to the City of Pittsburg fo purposep
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
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RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDAT ON OF BOARD OMMITTE
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 ATTESTED An_ril 16, 1996
cc: County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller (N. Garnett) AND COUNTY ADMINISTRATOR
Community Development
City of Pittsburg via Comm. Dev. BY DEPUTY
maintaining and improving the supply of housing owned and occupied by
lower-income households'. In addition, this project is part of a
multi-year effort by the City to revitalize the following target area:
Railroad Avenue east to Harbor Street bounded by Eighth Street on the
north and Tenth Street on the South; and Railroad Avenue west to
Beacon Street bounded by Eighth Street on the north and Thirteenth
Street on the south.
Financing sources for this project include the following:
Contra Costa HOME funds $ 300,000
City Redevelopment Agency Funds $ 625,000
State Community Development B1ock' Grant (CDBG) $ 390,500
Pittsburg CDBG $ 340, 000
Private resources $ 112 ,500
Program income (CDBG) $ 25, 000
TOTAL $1, 793, 000
All HOME funds will be used for housing rehabilitation loans for very-
low and low-income homeowners . Loan terms include the following:
three percent simple interest; 10-year term; renewable for lower-
income households . In order to qualify for a loan, households must .
have incomes which are less than or .equal to 80 percent of the area
median and agree to occupy the unit as their principal place of
residence. As required, matching funds in the amount of 25 percent
($75, 000) will be provided from City RDA funds and permit fee waivers .
During FY 1995/96, the City anticipates providing loans to
rehabilitate an estimated 63 units affordable to and occupied by
lower-income households, including 20 HOME-assisted units .
The City was previously awarded $180,000 in FY 1993 HOME funds for
this project. These funds have been successfully used to provide
loans to assist in the rehabilitation of 8 rental and 12 owner-
occupied units, all affordable to and occupied by very-low and low-
income households . The City anticipates that completion of the full
multi-year effort will result in the rehabilitation of an estimated
500 affordable housing units and revitalization of the specified
target area.
All HOME-assisted units will be subject to County requirements and
federal regulations governing the use of HOME funds, including income
eligibility, occupancy, and affordability restrictions to be
incorporated into loan documents developed by the County for use by
the City in implementing this program. As required by federal
regulations, all repayments of HOME .and/or RDA matching funds will be
deposited into the Contra Costa Consortium HOME Trust Account for use
in funding future HOME-eligible activities .
kh/kl2/BOS95-02
'The Board action on October 3, 1995, approved the allocation of $2,313,000 in FY 1995 HOME funds and
$405,000 in previously unallocated FY 1994 HOME funds. Of the FY 1994 funds allocated in that action, $300,000
will be used to fund the Pittsburg Housing Rehabilitation Project.
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