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Contl"a
Costa
TO: BOARD OF SUPERVISORS
FROM: Dennis M. Barry, AICD coumy
Community 'Development Director
DATE: June 16, 1998
SUBJECT: Allocation of HOME Program Income to the HOME Housing Development
Assistance Fund
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
( 1) APPROVE the allocation of $37,866 in HOME Program Income received
during the preceding year to the FY 1997/98 HOME Housing Development
Assistance Fund and (2) APPROVE the allocation of all future HOME
Program Income to the HOME Housing Development Assistance Fund.
FISCAL IMPACT
No General Fund impact.
BACKGROUND/REASONS FOR RECOMMENDATIONS
HOME Investment Partnership Act (HOME) funds are provided to the
County on a formula basis through the U.S. Department of Housing and
Urban Development (HUD) . These funds are used by the County to
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDAOF BOAR15 OMMITTEE
APPROVE OTHER
7
SIGNATURE(S) :
ACTION OF BOARD ON June 16, 1998 APPROVED AS RECOMMENDED x
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
x UNANIMOUS (ABSENT None ) 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 K. Hamm
335-1257 ATTESTED June 16, 1998
cc: County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller AND COUNTY ADMINISTRATOR
Community Development
DEPUTY
provide subsidized loans for affordable housingdevelopment.
Funded projects include the new construction and rehabilitation of
single and multifamily housing affordable to and occupied by very-
low and low-income households . HOME Program Income results when
these loans are repaid to the County.
FY 1992 and 1993 HOME funds were originally allocated to the Contra
Costa Building Inspection Department (HOME Program Agreement 92-1)
and the City of Pittsburg (HOME Project Agreement 93-7) to provide
subsidized housing rehabilitation loans to very-low and low-income
owner-occupant households in the County, and the City of Pittsburg.
During the preceding year, two loans under the County program (one
for $15, 146 and one for $4,240) and one loan under the City program
($18,480) were repaid, resulting in a total of $37,866 in HOME
Program Income.
In accordance with federal regulations for the HOME program, HOME
Program Income must be repaid to the Contra Costa HOME trust
account and must be used by the County to fund future affordable
housing projects which are eligible in accordance with federal
regulations for the HOME Program. As previously approved by the
Board of Supervisors, the purpose of the HOME Housing Development
Assistance Fund (HOME/HDAF) is to provide resources for affordable
housing projects which develop during the program year. Each year,
15 percent of the County's HOME allocation is allocated to the
HOME/HDAF. The current and future allocation of HOME Program
Income to the HOME/HDAF is consistent with previous Board direction
and will meet federal regulatory requirements .
The current balance of the FY 1997/98 HOME/HDAF is $326, 985. The
addition of $37,866 in currently received program income will raise
the HOME/HDAF balance to $364,851.
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