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) .
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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.
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