RECOMMENDATION(S):
APPROVE and AUTHORIZE the Substantial Amendment to the FY 2018/19 Annual Action Plan for the HOME Investment Partnerships Act (HOME) funds to allocate $1,145,000 in HOME grant funds to Satellite Affordable Housing Associates, to finance a portion of Veteran's Square, a 30-unit affordable housing development in Pittsburg, as recommended by the Affordable Housing Finance Committee.
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. (100% Federal)
BACKGROUND:
On June 26, 2018, the Board of Supervisors (the “Board”) approved the Contra Costa County Annual Action Plan for FY 2018/19 HOME funds (the “Action Plan”). A portion of the HOME funds were not allocated in the Action Plan and were set aside for future projects. Subsequent to the approval of the Action Plan, the HOME program received program income that is also available for eligible HOME projects.
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