To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Approval of Transfer of Ownership of Giant Road Apartments in San Pablo, and Related Actions
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
1. APPROVE the ownership transfer of Giant Road Apartments in San Pablo from Giant Development, LP, a California Limited Partnership, to Giant Development II, LP, a California Limited Partnership;
2. APPROVE the assignment and assumption of County Community Development Block Grant (CDBG), and HOME Investment Partnerships Program (HOME) from the current owner to the new owner; and
3. APPROVE and AUTHORIZE the Director of Conservation and Development, or designee, to execute legal documents subject to approval by the County Administrator and approval to form by County Counsel that are required to carry out these approvals.
FISCAL IMPACT:
No General Fund impact. CDBG and HOME funds are provided to the County on a formula basis through the U.S. Department of Housing and Urban Development (HUD).
CDBG CFDA #14.218. HOME CFDA #14.239.
BACKGROUND:
Giant Road Apartments, located at 2832 Giant Road in the City of San Pablo (the Development), consists of 86 units of affordable rental housing that is suitable for extremely low and very low-income families and individuals. In 2004 and 2005, the County loaned $600,000 of CDBG and $1,100,000 of HOME funds to Giant Development, LP, a California Limited Partnership (Prior Partnership), with East Bay Local Development Corporation (EBALDC) as the Prior Partnership's managing partner. The loans, in combination with additional funds from low-income housing tax credits, the City of San Pablo, the State of California-Housing and Community Development, and a private mortgage loan, were used for the acquisition and new construction of the Development.
The Development's initial tax credit period has passed, and the Development is in need of rehabi...
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