To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Approval of Restructured HOME and HOPWA Loans and Approval of New $9,000,000 HOME Loan for the Lakeside Rehabilitation Project in Concord
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
1. APPROVE a loan of HOME Investment Partnership Program (HOME) funds in the amount of $9,000,000 to Lakeside Recap, L.P., a California limited partnership (Developer), for use in the acquisition and rehabilitation of the Lakeside Apartments project located at 1897 Oakmead Drive in the City of Concord (the Property).
2. CONSENT to the assignment of outstanding HOME and Housing Opportunities for Persons with HIV/AIDS (HOPWA) loans to the Developer that the County previously loaned to the current owner of the Property, Lakeside Apartments, L.P., having an original principal value of $2,839,890 (the Existing Loan).
3. AUTHORIZE the Conservation and Development Director, or designee, to execute legal documents subject to approval by the County Administrator and approval to form by County Counsel, or designee, to evidence (i) the $9,000,000 HOME loan (the New HOME Loan), and (ii) the restructuring of the Existing Loan to be coterminous with the New HOME Loan.
4. FIND as the responsible agency, that on the basis of the whole record before the County, including the California Environmental Quality Act (CEQA) review prepared by the City of Concord, as the lead agency, that the development is statutorily exempt under CEQA Guidelines Section 15183; and DIRECT the Conservation and Development Director, or designee, to file a Notice of Exemption for Lakeside Apartments with the County Clerk; and pay any required fee for the filing.
FISCAL IMPACT:
100% Federal funds. HOME funds are provided to the County on a formula allocation basis through the U.S. Department of Housing and Urban Development (HUD).
CFDA: HOME 14.239
BACKGROUND:
Existin...
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