BACKGROUND:
Contra Costa County, through the Conservation and Development Department, operates a multifamily mortgage revenue bond financing program. The purpose of the program is to increase or preserve the supply of affordable rental housing available to lower income households. The County program may be undertaken with the unincorporated County and within the cities.
Resources for Community Development has requested to participate in the County's multifamily mortgage revenue bond financing program. They propose to construct Berrellessa Palms, a 49-unit senior housing project located at 801 Berrellessa Street in the City of Martinez. The proposed development meets the eligibility criteria for bond financing, and the proposed plan of finance appears to be consistent with County policy for this program. The prospective owner of the project will be a limited partnership between Resources for Community Development, or one of its affiliates, as managing general partner, and a to-be-named tax credit investor as a limited partner. A description of the project can be found in Exhibit A.
A requirement of federal tax law is that the prospective financing be subject to a conditional statement of intent to issue bonds, i.e. an inducement resolution must be adopted by the Board of Supervisors. The inducement action does not obligate the County or the owner without future discretionary actions.
CONSEQUENCE OF NEGATIVE ACTION:
Without the Inducement Resolution, Resources for Community Development will not be able to commence with the process of applying to the California Debt Limit Allocation Committee for multifamily mortgage revenue bonds through the County in an amount not to exceed $18 million.
CHILDREN'S IMPACT STATEMENT:
Not applicable.
CLERK'S ADDENDUM
Speakers: Kathi McLaughlin; Beth Eiselman; Kristen Henderson, resident of Martinez; Tim Platt; Harlan Strickland; Janet Kennedy, resident of Martinez; Harriet Burt, Martinez Planning Commissioner; Donna Allen.
RELISTED to an undetermined future date.