RECOMMENDATION(S):
ADOPT Resolution No. 2018/172 authorizing $1,350,000 of Housing Successor funds previously approved for the Heritage Point Apartment project in North Richmond to be used for a different component of the project cost.
FISCAL IMPACT:
No impact to the General Fund. Housing Successor funds are from the former Redevelopment Agency of the County of Contra Costa Low and Moderate Income Housing Fund.
BACKGROUND:
On December 12, 2017, the Board of Supervisors approved a Disposition, Development, and Loan Agreement (DDLA) between the County and Heritage Point A/G L.P., a California Limited Partnership. The DDLA relates to the construction of Heritage Point Apartments at 1504 Fred Jackson Way in North Richmond, which will include 42 apartments that will be affordable to and occupied by low-income families. Community Development Corporation of North Richmond (CHDC) is the general partner of the partnership and is the project sponsor.
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