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Planning and Building Department, Long Range Planning, Housing, Community and Economic Development Program, recommending the Board approve a budget transfer increasing revenue and appropriations to allow for the disbursement of grant funds up to $1,498,000 from Community Development Block Grant funding (4/5 vote required).
FUNDING: Federal Community Development Block Grant Funds.
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DISCUSSION / BACKGROUND
The State of California Department of Housing and Community Development (“HCD”) issued a Notice of Funding Availability (“NOFA”) dated January 21, 2020, for the Community Development Block Grant (CDBG) Program.
In response to the 2020 NOFA, the Board adopted Resolution 096-2020 to authorize submittal of a 2020 CDBG project application for an allocation of up to $1,498,000 of the CDBG Program funds for an acquisition loan to the development partnership of the Diamond Village Apartments, an 81-unit affordable multifamily workforce housing development in Diamond Springs.
On May 24, 2022 (Legistar 22-0609, Item 31), the Board accepted the grant award for $1,498,000 as funding for property acquisition required for affordable multifamily residential development in support of the Diamond Village 81-unit affordable multifamily workforce housing project located in the community of Diamond Springs, and authorized the Planning and Building Department (Department) Director or successor, contingent upon approval by County Counsel and Risk Management, to execute the Loan Agreements, Development Agreements, Promissory Notes, Regulatory Agreements, Deeds of Trust With Assignment of Rents, and all other documents necessary to issue the grant funds up to $1,498,000 from CDBG funding in the form of a loan, to service the loan to, and collect loan repayments from Diamond Village Apartments, LP, a California Limited Partnership, for the development of the Diamond Village Apartments in Diamond Springs.
The Department anticipated distributing the funds in FY 202...
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