HomeMy WebLinkAboutMINUTES - 06242003 - C.95 TO: BOARD OF SUPERVISORS _° Contrce.IS
FROM: Dennis M. Berry, AICP, 1.4 Costa
Director of Community Development
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CountyDATE: June 24, 2003
SUBJECT: Gentrytown Apartments, Antioch
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION: APPROVE an allocation of $500,000 in FY 2002/03 HOME
Investment Partnership Act (HOME) Housing Development Assistance Funds (HDAF)
to D&F Pacific American Properties for the acquisition/renovation of the Gentrytown
Apartments in Antioch and AUTHORIZE the Deputy Director — Redevelopment to
execute required loan documents.
FINANCIAL. IMPACT: No General Fund impact. HOME funds are provided to the
County on a formula basis through the U.S. Department of Housing and Urban
Development.
BACKGROUND: On June 5, 2003, the Affordable Housing Finance Committee voted
to recommend that the Board approve $500,000 in FY 2002/03 HOME/HDAF to Pacific
American Properties for this project. The current balance of the HOME/HDAF is
$1,029,173. Approval of funds for this project would leave a remaining balance of
$529,173. Pending project applications and statements of interest indicate a demand
for these funds of over $4.9 million.
CONTINUED ON ATTACHMENT: ® YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR [] RECOM END�TION OF }ARD COMMITTEE
['"APPROVE OTHER
# if
SIGNATURE(S):' 1
ACTION OF B �AON Jum 24, 2003
APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS: I HERESY CERTIFY THAT THIS IS A TRUE AND
CORRECT COPY OF AN ACTION TAKEN AND
X UNANIMOUS{ABSENT ) ENTERED ON THE MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
AYES: NOES:
ABSENT: ABSTAIN: ATTESTED
*District III Seat VACANT'k ime 24.2003
Contact: Kara Douglas,335-1253 JOHN SWEETEN,CLERK OF THE BOARD OF
SUPERVISORS AND COUNTY ADMINISTRATOR
cc: County Administrator
County Counsel °
Auditor-Controller {{
Community DevelopmentBy: sputy
Pacific American Properties via CDD
The. purpose of the Gentrytown Apartments project is to increase the supply of mufti-family
rental housing affordable to and occupied by lower income households in East County
through the acquisition and rehabilitation of an 85-unit apartment building located at 2800
Gentrytown Drive. The development includes one, two, and three-bedroom apartments. The
project will have 9 units affordable to and occupied by households with incomes at or below
35 percent of the area median income (AMI); 16 units will be affordable to/occupied by
households with incomes at/below 50 percent AMI; 50 units will be affordable to/occupied by
households with incomes at/below 60 percent AMC; and 8 units will be rented at market rates.
One unit will remain available for an on-site manager. Eleven units will be designated as
HOME-assisted units. All units designated as affordable will remain affordable to lower
income households for a minimum of 55 years.
The total cost of this project is $10,239,845. The proposed development budget and sources of
funds for this project are:
Source Amount
FY 2002/03 HOME/HDAF $ 500,000
Antioch Development Agency 100,000
Tax Credit Equity Investor 2,029,719
Tax-exempt bond allocation 6,269,393
Bridge loan 435,911
Interest earned 10,386
Deferred Developer Fee 894.436
$10,239,845
As proposed, the HOME funds will be used for acquisition costs. If approved, HOME funds will be
provided to Pacific American in the form of an amortizing loan with the following terms: four percent
interest, 30 year repayment term, 55 year affordability term, loan to be in a co-equal lien position
with the City of Antioch. Affordability and use restrictions will be incorporated into the County loan
documents. Required legal documents for this project include, but may not be limited to a loan,
regulatory, and intercreditor agreements.
CONSEQUENCE OF NEGATIVE ACTION: The project would not be able to secure all required
funding to proceed.
CHILDREN'S IMPACT STATEMENT: (if applicable)