HomeMy WebLinkAboutMINUTES - 07172001 - C.148 TO BOARD OF SUPERVISORS 'fi'`'g_``_. Contra
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FROM: Dennis M. Barry, AICP
Count
y
Community Development Director
DATE: July 17, 2001
SUBJECT: Execution of Legal Documents for the Crockett Homes Project in West County
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
AUTHORIZE the Deputy Director, Redevelopment or his designee to enter into the required legal documents to
provide S 180,000 in FY 2001/02 HOME Investment Partnership Act (HOME) funds to the Crockett Homes
project in West County.
FISCAL IMPACT
No General Fund impact. Funds for this project will come from FY 2001/02 HOME funds. HOME funds are
provided to the County on a formula allocation basis through the U.S. Department of Housing and Urban
Development (HUD).
BACKGROUND/REASONS FOR RECOMMENDATIONS
On May 8, 2001, the Board of Supervisors allocated $180,000 in HOME funds to East Bay Habitat for
Humanity for the Crockett Homes project. The purpose of this project is to provide affordable homeownership
opportunities for very-low income families through the new construction of six single family homes in Crockett
(West County). Habitat will use HOME funds for permits, fees and construction. Additional f ding sources
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
ECOMMENDATION OF COUNTY ADMINISTRATOR_RE MENDA N OF BOARD
COMMITTEE
,,-'APPROVE OTHER
SIGNATURE(S):
ACTION
OF BOARD ON APPROVED AS RECOMMENDED +
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UN'AN'IMOUS (ABSENT %� ) 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: Kara Douglas, 335-1253 ATTESTED o
Orig: Community Development JOHN SWEETEN, RK
cc: County Administrator OF THE BOARD OF SUPERVISORS
County Counsel AND CO TY ADMINISTRATOR
Auditor-Controller
BY EPUTY
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include federal Self-help Homeownership Opportunities Program (SHOP) funds, Habitat mortgage receipts, and
donations of land, materials, cash, and labor. Upon completion of each home, the HOME loan will roll over as a
deferred equity share loan to the homebuyer which will be due on sale or transfer of the property. Legal
documents between the County and Habitat include, but may not be limited to, a loan and regulatory agreement.
Legal documents between the County and the homebuyer include a loan agreement.
Funds were provided contingent on the following: Negotiation of Habitat and homebuyer loan terms
satisfactory to the County, submission to County staff of an appraisal confirming the sales price of the homes,
and documentation of adequate resources to complete the project. Habitat is working with the County to meet
these contingencies and loan documents will be executed when they have been met.
The total cost of this project is $1,274,451. The development budget and sources of funds are as follows:
Source Amount
FY 2001/02 HOME funds $180,000
Crockett Community Foundation 133,995
SHOP 60,000
Habitat mortgage receipts 80,000
Donations 820,456
TOTAL $1,274,451
Use
Acquisition $86,000
Construction 1,188,451
TOTAL $1,274,451
WAkdouglas\Newl.Board Orders\2001\Hab Crockett.doc ��