RECOMMENDATION(S):
APPROVE the Affordable Housing Finance Committee recommendation for the allocation of $1,600,000 in FY 2018/19 HOME Investment Partnerships Act funds (HOME) to support the St. Paul's Commons affordable housing project in Walnut Creek.
FISCAL IMPACT:
No General Fund impact. HOME Investment Partnerships Act funds are provided to the County on a formula allocation basis through the U.S. Department of Housing and Urban Development (CFDA number 14.239).
BACKGROUND:
The Affordable Housing Finance Committee (AHFC) is a Board of Supervisors-appointed committee that develops funding recommendations for the Board concerning the allocation of federal funds for affordable housing development. This current funding recommendation is the result of a competitive application process initiated in October of 2017. A Notice of Funding Availability was sent to over 100 jurisdictions, public agencies, affordable housing developers and interest groups active in the Urban County (the unincorporated County and
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