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TO: BOARD OF SUPERVISORS County
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FROM: Dennis Mb Barry, A.ICP
Community Development Director
LATE : April 27, 1999
SUBJECT: Allocation of FY 1995/99 HOME Housing Development Assistance Funds and
Execution of .Required Legal Documents for the Maplewood/Golden Glen
Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMTNTATtNS
(1) APPROVE the allocation of $290,000 in FY 1998/99 HOME Investment
Partnership Act (HOME) funds to Eden Housing, Inc. for the
Maplewood/Golden Glen- Affordable Housing Project in� Concord and (2)
AUTHORIZE the Deputy Director -r 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 HOME Housing Development Assistance Fund (HOME/HLAF) . HOME
funds are provided to the County through the U.S. Department of
Housing and Urban Development (HUD) .
CONTINUED ON ATTACHMENT; AYES SIGNATURE : � ��•
FX RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMEND I C)F ARL COMMIT T1E
APPROVE � OTHER #`
SIGNATURE (S) '
ACTION OF BOARD ON APPR 7 EC7 D AS RECOMMENDED OTHER—
s j- J s F
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT i ' , '.. } 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.
535-1257 ATTESTET3 g �4.., sit ;��.��y�'
cc: County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Auditor-Controller AND COUNTY ADMINISTRATOR
Community Development
Eden Housing via Comm. Levelopmt. BY DEPUTY
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On April 28, 1998, the Board of Supervisors approved the allocation
of $813,000 to the FY 1998/99 HOME/HDAF 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 HODS/HDAF is $1,055,940. On March 25, 1999,
the Affordable Housing Finance Committee (AHFC) voted to recommend
that the Board of Supervisors approve an allocation of $290,000 in
HONS/HDAF funds to Eden Housing, Inc. for the Maplewood/Golden Glen
Affordable Housing Project. The AHFC has also recommended that two
additional projects be funded from the HOME/HDA.F: the Rodeo Senior
Housing Project recommended for $700,000; and a Habitat first-time
homebuyer project in Pittsburg recommended for $36,000. 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 1998/99 HOME/HDAF will have a
remaining balance of $29, 940.
The purpose of the Maplewood/Golden Glen project is to increase and
maintain the supply of multifamily rental housing affordable to
extremely-low and very-low income households in Concord and Central
County and to assist the City of Concord in revitalizing the
Virginia Lane/Monument Boulevard corridor. Eden Housing proposes
to acquire and rehabilitate the Maplewood and Golden Glen
Apartments to provide 91 units of rental housing affordable to
lower income households in Central County. As proposed, the
project will achieve relatively deep affordability: eight units
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) ; four units will be required to be affordable to households
at 40 percent AMI; 64 units will be affordable to very-low income
households (incomes at/below 50 percent AMI) ; and the remainder
will be affordable at 55 percent AMI . Twenty of the apartments
including the eight affordable to extremely-low income households
will be designated as County-assisted and required to remain
affordable for 55 years. All other apartments will remain
affordable for a minimum of 30 years in accordance with the
requirements of other financing partners. The project is a high
priority for the City of Concord as evidenced by City Council
approval of just under $2 million in Concord Redevelopment Agency
,funds for this purpose.
The total development cost for this project is $8. 1 million or
$88,823 per unit. Sources of permanent financing include:
Requested FY 1998/99 H01,.1E/HDAF $ 290,000
City of Concord Redevelopment Agency $1 ,984 ,223
Low Income Housing Tax Credits $1 , 195,650
Tax-exempt Bonds $4 ,039,439
Rental Income $ 208,457
FHLB Affordable Housing Program $ 363,923
General Partner Equity $ 1,196
TOTAL $8,082,888
All other sources of financing are approved. As proposed, the
HOME/HDAF funds will be used for housing rehabilitation and
provided to the project in the form of a residual receipts loan in
co-equal position with the loan from the City Redevelopment Agency.
Affordability and use restrictions will be incorporated into the
County loan documents .
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