HomeMy WebLinkAboutMINUTES - 04062004 - C102 TCU: BOARD OF SUPERVISORS x; . 4u t; Contra
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FROM: Dennis M. Barry, AICD County
Director of Community Development
DATE: April 6, 2004
SUBJECT: Allocation of FY 2003/04 HOME Housing Development Assistance Funds and Execution of
Required Legal Documents for the Lakeside Apartment Housing Project.
SPECIFIC REQUEST(S)OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
(1) APPROVE the allocation of$2,000,000 in HOME Investment Partnership Act(HOME) Housing
Development Assistance Funds(HDAF) to Resources for Community Development(RCD) for the Lakeside
Apartment project and(2) AUTHORIZE the Deputy Director,Redevelopment, or his designee to execute all
legal documents required to complete this project.
FISCAL IMPACT
No General Fund impact. HOME funds are provided to the County on a formula allocation basis through the
U.S. Department of Housing and Urban Development.
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
COMMENDATION OF COUN"T"Y ADMINISTRATOR_r E OMME ATION OF BOAR
COMMITTEE
_,,,APPROVE �OTHER '
SIGNATURE!!!]
ACTION
OF BOARD ON / ril 6 APPROVED AS RECOMMENDED x OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
x UNANIMOUS (ABSENT None } 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 April 6, 2004'
Orig: Community Development/CDBG JOHN SWEETEN,CLERK
cc: County Administrator OF THE BOARD OF SUPERVISORS
County Counsel ACOUNT AD1V� I RATOR
Auditor-Controller BY 5 DEPUTY
BACKGROUND/REASONS FOR RECOMMENDATIONS
On March 23, 2004, the Board of Supervisors approved the consolidation of$2,525,802 in the FY 2003/04
HOME HDAF.
On March 25, 2004, the Affordable Housing Finance Committee(AHFC)recommended that the Board of
Supervisors allocate$2,000,000 in FY 2003/04 HOME HDAF funds to RCD for the Lakeside Apartment
project in Concord.
The purpose of this project is to increase the supply of multifamily rental housing affordable to and occupied by
lower income households in Central County. RCD has purchased the 124 unit Lakeside Apartment complex and
proposes to rehabilitate the apartments. All units will be affordable to households earning less than 60 percent of
the area median income(AMI) with a mix of units affordable/occupied by households at 30 and: 50 percent
AMI. Sixty units will be HOME-assisted units including 10 units at 30 percent AMI,27 units at 50 percent
AMI, and the remaining 23 units at 60 percent AMI. All apartments will remain affordable for 55 years.
The total development cost for the project is $18,657,165, or$150,461 per unit.
HOME FUNDS REQUESTED $ 2,000,000
Concord Redevelopment Agency* 3,183,945
FHLB Affordable Housing Program 558,000
Tax-exempt bonds 7,285,100
Low Income Housing Tax Credits 4,737,822
Deferred Developer Fee 500,000
Income from operations 392,298
TOTAL $18,657,165
On September 9, 2003 the Board adopted an inducement resolution providing for the issuance of revenue bonds
to assist with the financing of this project.
The ownership entity of this project will be Lakeside Apartments, L.P. RCD will be the managing general
partner. A tax credit investor to be determined will be the limited partner.
Required legal documents for this transaction will include,but may not be limited to the HOME Project
Agreement, escrow instructions, loan agreement, regulatory agreement,promissory note, deed of trust and
security agreement, intercreditor agreement, subordination agreement, and estoppel certificate.
KD I1;\kduuglas\New\Board Ordei-0004\Lakeside I Am