To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: APPROVE Modifications to Contingencies related to an award of HOME Funds for the 699 YVR Housing Project in Walnut Creek
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
APPROVE modifications to contingencies related to an award of FY 2022/23 HOME Investment Partnerships Program funds for the 699 YVR Housing Project located at 699 Ygnacio Valley Road, Walnut Creek, as recommended by the Conservation and Development Director.
FISCAL IMPACT:
No General Fund impact. HOME funds are provided to the County on a formula allocation basis through the U.S. Department of Housing and Urban Development. CFDA #14.239.
BACKGROUND:
699 YVR Housing
On June 21, 2022, the Board of Supervisors awarded Resources for Community Development (RCD) $1,870,000 in Fiscal Year 2022/2023 HOME funds for the 699 YVR Housing project located in Walnut Creek, CA. The property will have 92 low-income apartments including 30 units set aside for people experiencing homelessness and severe mental illness with onsite and offsite supportive services.
The allocation of HOME funds was originally contingent upon the following:
1. All other financing commitments secured by December 31, 2023.
2. HOME funds committed, as evidenced by an executed loan, by August 31, 2024. HOME funds will be recaptured by January 2024 if significant progress is not being made to meet the August 31, 2024, HOME commitment deadline.
3. Confirmation that the project's financials are in compliance with the County's Affordable Housing Program Guidelines.
In total, RCD has submitted eight State of California funding applications. Due to limited funding available compared to the large number of projects in the pipeline in the Bay Area region and statewide, 699 YVR has had limited success in securing enough financing commitments to meet the approved funding contingencies above.
Th...
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