Agenda

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C. 83

To:	Board of Supervisors
From:	Catherine Kutsuris, Conservation and Development Director
Date:	February 25, 2014

Contra

Costa

County

Subject:

Allocation of $300,000 in Summer Lake Affordable Housing funds to Satellite Affordable Housing Associates for its Tabora Gardens project in Antioch

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 02/25/2014

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

John Gioia, District I Supervisor
Candace Andersen, District II Supervisor
Mary N. Piepho, District III Supervisor
Karen Mitchoff, District IV Supervisor

ABSENT:

Federal D. Glover, District V Supervisor

Contact:

Kara Douglas 674-7880

I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown.
ATTESTED: February 25, 2014
David Twa,

BY:	, Deputy

RECOMMENDATION(S):

APPROVE and AUTHORIZE the allocation of $300,000 in Summer Lake Affordable Housing trust funds to Satellite Affordable Housing Associates for the 85 unit Tabora Gardens affordable rental project in Antioch.

FISCAL IMPACT:

100% Summer Lake Affordable Housing Trust funds.

BACKGROUND:

In May 2006, the County and the City of Oakley entered into an agreement related to the transition of municipal services, collection of fees, and maintenance of infrastructure upon annexation of the East Cypress Corridor Specific Plan area. Through this agreement, Oakley agreed to transfer a fee of $3,333 for each residential permit issued for Summer Lake (Summer Lake Affordable Housing fee). To date, fees have been collected on 512 units, totaling $1,706,496. These fees are required to be expended in East County.

BACKGROUND: (CONT'D)

In October 2013, Department of Conservation and Development staff issued a Notice of Funding Availability for Federal HOME Investment Partnerships Act and Community Development Block Grant funds. The requests for HOME funds exceeded available resources by 3:1. In order to fund as many good projects as possible, County staff is recommending Summer Lake Affordable Housing funds be allocated to Satellite Affordable Housing Associates (SAHA) for its Tabora Gardens Apartment project in Antioch. Tabora Gardens will provide 85 new rental units affordable to and occupied by very-low income seniors.

This recommendation is in addition to the $800,000 in Summer Lake Affordable Housing funds and $200,000 in Neighborhood Stabilization Program funds allocated in 2013. It is also in addition to additional recommendations for $200,000 in Neighborhood Stabilization Program, and $650,000 in Housing Opportunities for Persons with HIV/AIDS funds which are also on the February 25, 2014 Board of Supervisors agenda.

Tabora Gardens has already undergone State and Federal Environmental reviews (CEQA and NEPA). The County will enter into various legal documents with the SAHA for this project. These documents may include some or all of the following: Loan Agreement, Promissory Note, Deed of Trust and Security Agreement, Regulatory Agreement, Intercreditor Agreement, Subordination Agreement, Loan Riders and Estopples.

CONSEQUENCE OF NEGATIVE ACTION:

If the Board does not approve the funding recommendations, SAHA will not be able to submit applications to the Tax Credit Allocation Committee on March 4, 2014.

CHILDREN'S IMPACT STATEMENT:

N/A