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HomeMy WebLinkAboutMINUTES - 04271999 - C76 Contra Costa TO: BOARD OF SUPERVISORS : Courly H. FROM: Dennis M, Barry, AICP Community Development Director DATE : April 27 , 1999 SUBJECT: Allocation of FY 1998/99 CDBC and HOME Housing Development Assistance Funds and Execution of Required Legal Documents for the Rodeo Senior Housing Project SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION REQQMMENDATIONS (1) APPROVE the allocation of $372,750 in FY 1.998/99 Community Development Block Grant (CDBC) Housing Development Assistance Funds (HDAF) and $700,000 in FY 1998/95 HOME Investment- Partnership Act (HOME) HDAF funds to Ecumenical Association for Housing for the Roden Senior Housing Project and (2) AUTHORIZE the Deputy Director - Redevelopment or his designee to enter into required legal documents for this. purpose. FISCAL IMPACT No General Fund impact. Funds for this project will come from the FY 1998/99 CDBC and HOME Housing Development Assistance Fund. CDBC nd N CONTINUED ON ATTACHMENT: X YES SIGNATURE : i{ - RECOMMENDATION OF COUNTY ADMINISTRATOR RECON1,4ENDA IO OF BOXR,.D COMMITTEE APPROVE OTHER i S I GNATURE (S) LA&& ACTION OF BOARD ON f-; ry r'�° APPROVED AS REC01x1MENDED OTHM VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A UNANIMOUS (ABSENT 1 + _ ) 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 335-157 ATTESTED cc: County Administrator PHIL BATCHELOR, CLERK OF County Counsel THE BOARD OF SUPERVISORS Auditor-Controller AND COUNTY ADMINISTRATOR EAR via Community Devvelopmt. BY r % ', �- yt.s, , DEPUTY HOME funds are provided to the County through the U.H. Department of Housing and Urban Development (HUD) . A6CKQRQ_UND/REAaQN,JFOR RKQQMZNDATIQNS On April 28, 1998, the Board of Supervisors approved the allocation of $660,500 to the FY 1998/59 CDBG/HDAF and $813,000 to the HOME/HDA ` for use in funding affordable housing projects as they develop during the program year. Including prior year carryover and reallocated funds, the current balance of the CDBG/HDAF is $542 , 874 and, the balance of the HOME/HDAF is $1,055, 940. On October 8, 1998, the Affordable Housing Finance Committee (AHFC) voted to recommend that the Board of Supervisors approve an allocation of $372,7503 in FY 1958/99 CDBG/HDAF funds and $700,000 in HOME/HDAF funds to Ecumenical Association for Housing, Inc. (EAH) for the Rodeo Senior Housing Project. The AHFC has also recommended that two additional projects be funded from, the HOIMM/HDAF: the Maplewood/Golden Glen Affordable Housing Project recommended for $290,000; and a Habitat first-time homebuyer project in Pittsburg recommended for $36,03003. These two projects are under consideration by the Board as separate items on the April 27, 1999 consent calendar. Assuming approval of all three of these projects, the FY 1998/59 CDBG/HDAF will have a remaining balance of $570,124 and the HOME/HDAF a remaining balance of $29,940. The purpose of the Rodeo Senior Housing Project is to increase the supply of multifamily rental housing affordable to very-low income senior households in Rodeo and the surrounding area.. EAH proposes to build 50 apartments on a currently vacant site on the southwest corner of San Pablo Avenue and Willow Road in Rodeo. As proposed, the project will achieve relatively deep affordability: five apartments will be required to be affordable to and occupied by extremely-low income households (incomes at/below 30% of the area median income or AMI) ; 36 will be required to be affordable to households at 403 percent AMI; and the remaining eight will be affordable at 45 percent AMI . Twenty-two of the apartments including the five affordable to extremely-low income households will be designated as County-assisted and required to remain affordable for 603 years . All other apartments will remain affordable for a minimum of 55 years in accordance with the requirements of other financing partners . The total development cost for this project is $6. 6 million or $1.32,289 per unit. Sources of permanent financing include: Requested FY 1598/99 CDBG/HDAF $ 372,7503 Requested FY 1998/99 HOME/HDAF $ 700,000 Contra Costa Redevelopment Agency 90303,000 Dow Income Housing Tax Credits $3,256, 643 Private Lender Loan $ 649,837 Tosco Refinery Grant $ 50,000 FHLB Affordable Housing Program $ 250,000 General Partner Equity $ 435,200 TOTAL $6,614 ,430 The CDBG/HDAF funds will be used for site acquisition and the HOME/HDAF funds will be used for construction and other eligible development costs. All County funds will be provided to the project in the form of a residual receipts loan in co-equal, lien position with the loan from the County Redevelopment Agency. Affordability and use restrictions will be incorporated into the County loan documents. kkh/H:\DATA\WP60\BSHM98-7.WPD t1 v