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.
|