HomeMy WebLinkAboutMINUTES - 04231996 - C69 � . Contra
:�` Costa
TO: BOARD OF SUPERVISORS
County"�
FROM: Harvey E. Bragdon
Director of Community Development
DATE: April 23, 1996
SUBJECT: CDBG Project Agreement and Loan Documents for the Brentwood Senior Housing Project
SPECIFIC REQUEST(S) OR RECOMMENDATIO'NS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director-Redevelopment or his designee to enter into: (1) a CDBG Project
Agreement; and (2) required legal documents with Rural California Housing Corporation (RCHC) to
provide$265,000 in FY 1995/96 Community Development Block Grant (CDBG)Program funds for the
Brentwood Senior Housing Project to develop affordable rental housing for very-low income seniors.
FISCAL IMPACT
N6 General Funds are involved. The U.S. Department of Housing and Urban Development allocates
CDBG funds by formula to Contra Costa County.
CONTINUED ON ATTACHMENT: X YES SIGNATURE: ✓ �?�
_RECOMMENDATION OF COUNTY ADMINISTRATOR RECOME ATIONOtBOARDCOM TTEE
_APPROVE _OTHER
SIGNATURE(S):
ACTION OF BOARD ON April 23, 1996 APPROVED AS RECOMMENDED X OTHER_
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE AND
X UNANIMOUS (ABSENT ) CORRECT COPY OF AN ACTION TAKEN AND
AYES: NOES: ENTERED ON THE MINUTES OF THE BOARD OF
ABSENT: ABSTAIN: SUPERVISORS ON THE DATE SHOWN.
Contact. Kathleen Hamm, 646-4208 ATTESTED April 23, 1996
cc: County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller(N. Garnett) AND COUNTY ADMINISTRATOR
Community Development
RCHC via Community Development BY 1 ,DEPUTY
BACKGROUND/REASONS FOR RECOMMENDATIONS
Rural California Housing Corporation (RCHC) is working with Christian Church Homes of Northern California
(CCHNC) to develop multifamily housing units affordable to very-low income seniors, and one two-bedroom
manager's unit. Nineteen (19) of the units will be assisted :with County CDBG and Consortium HOME funds
("County-assisted"). This project has been approved for an allocation of U.S. Department of Housing and Urban
Development (HUD) Section 202 Program funds, which will provide both the primary source of development
financing as well as an operating subsidy equal to the difference between the approved operating budget and project
revenues for the first 20 years of the required 40-year period of affordability for Section 202 projects.
RCHC has obtained all required funding for this project. FY 1995/96 County CDBG funds ($265,000), approved
by the Board of Supervisors on February 14, 1995, will be used for site acquisition. Consortium HOME funds
($135,000), approved by the Board of Supervisors on January 23, 1996, will be used for site acquisition and for
eligible development and construction-related costs.
The development budget and sources of funds for this project are:
Source Amount
HOME Funds $ 135,000
County CDBG $ 265,000
City Redevelopment Funds $ 464,550
HUD 202 Program $3,058,320
TOTAL $3,922,870
Use Amount
Predevelopment $ 203,020
Site acquisition $ 375,000
Construction $3,344,850
TOTAL $3,922,870
All County/Consortium funds provided to RCHC 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.
Rural California Housing Corporation has developed and manages 489 rental units, while Christian Church Homes
currently owns and manages over 2,400 units, including 15 Section 202 projects. CCHNC will manage this project,
with any future changes in management to be approved by the County and HUD. RCHC plans to acquire the site
and initiate construction on this project in September, 1996, with completion and occupancy by September, 1997.
Completion of this project will contribute substantially to the County's efforts to serve very-low income persons.
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