To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Approve an additional $8,000 in HOME Funds to the Esperanza Place Project in Walnut Creek to cover additional project-related delivery costs
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
APPROVE an additional $8,000 in HOME Investment Partnerships Program (HOME) funding to the Esperanza Place project located at 1250 Las Juntas Way in Walnut Creek to cover additional administrative delivery costs, as recommended by the Director of Conservation and Development.
FISCAL IMPACT:
There are no general fund impacts. HOME funds are provided to Contra Costa County (County) on a formula allocation basis through the U.S. Department of Housing and Urban Development (HUD). HOME CFDA #14.256.
BACKGROUND:
On June 11, 2019, the Board of Supervisors (Board) approved the FY 2019/2020 Action Plan, which included the recommendation to fund the Esperanza Place project with HOME funds for the construction of 42 condominiums. The project, originally named Las Juntas, is now known as Esperanza Place. The for-sale units in the development were to be constructed in two phases with 23 units constructed in Phase One and 19 units constructed in Phase Two. All 11 of the HOME-assisted units were to be built in Phase One and were to be sold to homebuyers earning up to 80% Area Median Income (AMI). The condominiums range in size from one to four bedrooms.
On November 16, 2021, the Board approved and authorized loan and related legal documents for $1,605,000 in HOME funds to HEBSV Esperanza Place, LLC, a California limited liability company that is wholly owned and managed by Habitat for Humanity East Bay Silicon Valley (Habitat), for Esperanza Place. The 11 HOME-assisted units were sold to homebuyers earning up to 80% Area Median Income (AMI) at an affordable sales price that does not exceed the published HOME maximum sales price.
The comp...
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