RECOMMENDATION(S):
ADOPT Resolution No. 2015/139 conditionally providing for the issuance of revenue bonds in an amount not to exceed $8 million to enable private owners to finance the acquisition and rehabilitation of The Oaks, a multifamily residential rental housing development for families located at 3073 North Main Street (APN 170-100-029) in the City of Walnut Creek, California.
FISCAL IMPACT:
None. In the event that the bonds are issued, the County is reimbursed for costs incurred in the issuance process. Annual expenses for monitoring of Regulatory Agreement provisions are accommodated in the bond issue. The bonds will be solely secured by revenues (e.g. rents, reserves, etc.) pledged under the bond documents. No County funds are pledged to secure the bonds.
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 and very low income households. The County program may be undertaken within the unincorporated County and within the cities.
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