To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Substantial Amendment to the FY 2023/24 Annual Action Plan - Community Development Block Grant Funds - Aspen Court, Pacheco and Nevin Plaza 1, Richmond
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
1. APPROVE a Substantial Amendment to the County's FY 2023/24 Annual Action Plan to award a total of $1,725,000 in Community Development Block Grant (CDBG) funds to two affordable multifamily rental apartment projects: Aspen Court Apartments in Pacheco and Nevin Plaza 1 in Richmond.
2. APPROVE a loan of CDBG funds in the amount of $1,000,000 to Aspen Drive Housing, Inc. a California nonprofit public benefit corporation (Aspen Developer), for use in the rehabilitation of Aspen Court Apartments in Pacheco.
3. AUTHORIZE the Conservation and Development Director, or designee, to execute (i) an amended and restated loan agreement between the County and Aspen Developer to incorporate the $1,000,000 loan of CDBG funds into an existing loan agreement between the County and Aspen Developer, and (ii) ancillary documents as needed, all subject to approval by the County Administrator and approval as to form by County Counsel.
4. APPROVE a loan of CDBG funds in the amount of $725,000 to Nevin Plaza I, L.P., a California limited partnership (Nevin Developer), for use in the rehabilitation of Nevin Plaza 1 in Richmond.
5. AUTHORIZE the Conservation and Development Director, or designee, to execute (i) an amended and restated loan agreement between the County and Nevin Developer to incorporate the $725,000 loan of CDBG funds into an existing loan agreement between the County and Nevin Developer, and (ii) ancillary documents as needed, all subject to approval by the County Administrator and approval as to form by County Counsel.
FISCAL IMPACT:
No General Fund impact. CDBG funds are federal funds provided to the County on a formula ...
Click here for full text