Title
Human Services Department requesting the Board consider recommendations regarding the 25 unit affordable for sale housing project located in Diamond Springs, as follows:
1) Approve a Budget Transfer Request establishing appropriations in the amount of $130,000 offset by a corresponding amount from the fund balance within the revolving loan Special Revenue Fund 11-107-001; and
2) Adopt a Resolution approving a loan of said funds at 1% simple interest per annum to El Dorado County Habitat for Humanity, Inc. for predevelopment expenses associated with a 25 unit affordable for sale housing project located in Diamond Springs and authorizing the Director or Assistant Director of Human Services to sign the Loan Agreement and Promissory Note contingent upon approval by County Counsel and Risk Management. (4/5 vote required)
FUNDING: Revolving loan fund within Department of Human Services funds.
Body
BUDGET SUMMARY:
Total Estimated Cost $130,000.00
Funding
Budgeted $
New Funding $
Savings $
Other - Fund Balance $130,000.00
Total Funding Available $130,000.00
Change To Net County Cost $0.00
Fiscal Impact/Change to Net County Cost: No change to Net County Cost. Funds are available from proceeds received from the loan repayment by Mercy Housing California ($154,438) that are now available to provide the loan to El Dorado County Habitat for Humanity, Inc.
Background:
A petition for Writ of Mandate was filed on January 7, 2002 by the Measure Y Committee and others to stop the development of the Valley View Specific Plan in El Dorado Hills, CA. The result of the petition was a settlement agreement that reduced the size of the development and required a $150,000 contribution by the El Dorado Hills Investors (EDHI) to the County’s affordable housing efforts. On April 16, 2002 Resolution #101-2002 was adopted approving a loan of $150,000 at 1% simple interest per annum to Mercy Housing C...
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