FISCAL IMPACT: (CONT'D)
This grant will result in $12,094,780 of funding from Strategic Growth Council/California Department of Housing and Community Development Affordable Housing and Sustainable Communities program of which up to $6,254,792 is requested as a loan for an Affordable Housing Development, and up to $5,839,988 is requested as a grant from Housing-Related Infrastructure, Sustainable Transportation Infrastructure Transit-Related Amenities or Program activities. Additionally, Livable Communities Trust funds in the amount of $1,432,830 (District I portion) are proposed to be used as matching funds for the project (see June 14, 2016 agenda item C 51). Successor Housing bond funds of $436,200 and a Community Development Block Grant Funds of $48,000 have been previously approved for the pre-development costs.
An additional $633,600 in Successor Housing bond funds, dedicated to North Richmond, are proposed to be used for this project and would be appropriated through a Disposition and Development Agreement considered by the Board of Supervisors if the grant is approved. The site encompasses six parcels acquired between 2009 and 2012 by the former Redevelopment Agency. As a result of the dissolution of the Agency in February 2012, the County became the Housing Successor and the owner of the property. The value of the property will also be used as leverage for the grant application. The total project costs are estimated at $30,128,391. No General fund impact.
BACKGROUND:
The Heritage Point site is a land assemblage consisting of six parcels in North Richmond, acquired between 2009 and 2012 by the former Redevelopment Agency. The project is fully entitled for 43 multiple-family affordable apartments. In March 2016, the Community Housing Development Corporation (CHDC) of North Richmond, with the County as a co-applicant, submitted a concept application for funding under the Affordable Housing and Sustainable Communities (AHSC) Program for $10,995,254 in funding. On April 28, 2016, the Strategic Growth Council and the Department of Housing and Community Development invited CHDC to submit a full application for funding based on the evaluation of the submitted concept proposal. The full application is due June 20, 2016. The full application will not exceed $12,094,780 (10 percent increase from concept application). The application guidelines require a resolution adopted by the applicant, authorizing the application for the AHSC program. The total project costs are estimated at $30,128,391.
CONSEQUENCE OF NEGATIVE ACTION:
The application will be considered incomplete and funding is unlikely.
CHILDREN'S IMPACT STATEMENT:
A completed project would support outcome number 3 of the Children's Report Card: Families are economically self-sufficient.