RECOMMENDATIONS
ADOPT Resolution No. 5243 authorizing the Housing Authority to become a limited partner in the DeAnza Gardens, L.P. limited partnership and to pay a disposition fee of $1,000.
BACKGROUND
DeAnza Gardens is comprised of 180 units constructed in 2004 – 2005 ("Project") and funded by a number of resources including Low Income Housing Tax Credits ("LIHTC"). DeAnza Garden, L.P., a California limited partnership ("Partnership") was formed for the purpose of owning, constructing, and operating the Project. DeAnza Housing Corporation was formed as a California nonprofit public benefit corporation to serve as a general partner in the Partnership along with the Housing Authority of the County of Contra Costa ("HACCC"). BCP/DeAnza Gardens, LLC, a Delaware limited liability company (“BCP”) and BCCC, Inc., a Massachusetts corporation (“BCC”), are the investor limited partner and the special limited partner of the Partnership, respectively (collectively, the "Limited Partners"), and contributed the LIHTC equity to, and received the tax credits from, the Project.
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