HomeMy WebLinkAboutMINUTES - 03152005 - C.86 0
TO: BOARD OF SUPERVISORS Contra
Costa
County
FROM: Dennis M. Barry, AICP
Community Development Director
CU
DATE: March 151, 2005 cog&
SUBJECT: Allocation of HOME funds for project-related legal costs
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) &BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
APPROVE the allocation of$25,000 in FY 2004/05 HOME Investment Partnerships Program
(HOME)/Housing Development Assistance Funds(HDAF)to six previously funded HOME projects to be
applied to County-incurred legal costs related to the projects.
FISCAL IMPACT
No General Fund impact. Funds for this project will come from FY 2004/05 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
The County provides HOME fund allocations in the form of a loan to the project sponsor. The loans are secured
against the property with the appropriate legal documents,which may include a deed of t st,promissory note,
CONTINUED ON ATTACHMENT: X YES SIGNATURE: ee
:..-RECOMMENDATION OF COUNTY ADMINISTRATOR OMMEN ATION OF BO D
COMMITTEE
,.. ''APPROVE OTHER
SIGNATURE(
ACTION
OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (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/7)ky ls-- dT 055
Orig: Community Development JOHN SWEETEN, CLERK
cc* County Administrator OF THE BOARD OF SUPERVISORS
County Counsel AND COU TY ADMINISTRATOR
Auditor-Controller
BY qAL_.DEPUTY
HOME loan agreement, and regulatory agreement. The County contracts with an outside legal firm to prepare
the legal documents for these transactions. The $25,000 in HOME HDAF funds will be split between six
previously funded HOME projects to be applied to the legal costs incurred by the County to execute the loans.
The funds will be allocated as follows:
ABC Apartments, El Sobrante: a 9 unit new construction project for the developmentally disabled
sponsored by the California Autism Foundation; $7,000.
- Lakeside Apartments, Concord: a 124 unit acquisition/rehabilitation project for lower income families
sponsored by Resources for Community Development; $3,000.
- Sycamore Senior Apartments, Hercules: a 51 unit new construction project for lower income seniors
sponsored by Eden Housing; $2,000.
- Villa Amador, Brentwood: a 96 unit new construction project for lower income families sponsored by
Mercy Housing; $9,000.
- Courtyards at Cypress Grove, Oakley: a 96 unit new construction project for lower income families
sponsored by Oakley Cypress Associates; $3,000. -low income families
Norcross Homes, Oakley: a 6 unit new construction homebuyer project for very
sponsored by Mt. Diablo Habitat for Humanity; $1,000.
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