Advisory Board: Affordable Housing Finance Committee
Meeting Date: April 29, 2026
Subject: Approve Recapture CDBG Funds and Modifications to Contingencies - The Riveter-Supportive, Richmond
Contact: Kristin Sherk, Affordable Housing Program Manager, (925) 655-2889
Recommendations:
1. APPROVE recapture of FY 2024/25 Community Development Block Grant (CDBG) funding recommendation of $2,000,000 made to The Riveter - Supportive project in Richmond, co-developed by Community Housing Development Corporation of North Richmond (CHDC) and Eden Development, Inc. (Eden).
2. APPROVE allocation and reprogramming of the recaptured CDBG funds to other projects that are capable of expending the CDBG funds by the federal deadline.
3. APPROVE modifications to the contingency deadline of FY 2023/24 Permanent Local Housing Allocation (PLHA), HOME-ARP, FY 2025/26 Measure X, and FY 2025/26 CDBG funding for The Riveter - Supportive project in Richmond, as recommended by staff:
a. All financing commitments, including an award of tax credits or tax credits/tax-exempt bonds secured by December 31, 2027. The HOME-ARP and PLHA funds will be recaptured by December 31, 2027, if the project does not receive an award of tax credits by 2027.
b. All funds committed as evidenced by an executed loan and construction commencement, by July 1, 2028.
c. HOME-ARP and PLHA funds will require construction completion, unit occupancy, and all required reporting information to be submitted for the HOME-ARP and PLHA units by April 30, 2030 to meet the two program reporting deadlines to the State of California and HUD.
d. Confirmation that the project's financials are compliant with the County's Affordable Housing Program Guidelines.
Background:
CDBG Recapture
The CDBG program's federal regulations require timely expenditure of CDBG funds. This means compliances with the requirements that the County, as the CDBG Entitlement Grantee, must carry out its program in a timely manner, as measured by the rate of...
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