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Planning and Building Department, Long Range Planning, Housing, Community and Economic Development Program, recommending the Board:
1) Adopt and authorize the Chair to sign Resolution 004-2020 approving a loan approval transfer from CoreCare Foundation to SNO Foundation Trust, a private not-for-profit 501(c)(3) Private Foundation with funding from the Affordable Housing Trust Fund Revolving Predevelopment Loan Program to be used for predevelopment expenses associated with the Diamond Springs Village Apartments, an 81-unit affordable rental housing development in Diamond Springs; and
2) Authorize the Director of Planning and Building, or designee, to sign the Loan Agreement, Promissory Note, Deed of Trust, and any related documents on behalf of the County that do not increase the maximum dollar amount or term of the Agreement, contingent upon approval by County Counsel and Risk Management.
FUNDING: Affordable Housing Trust Fund Revolving Predevelopment Loan Program within the Housing, Community and Economic Development Program Funds. (100% - Local)
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DISCUSSION / BACKGROUND
On January 7, 2002, a petition for Writ of Mandate was filed by the Measure Y Committee and others to stop the development of the Valley View Specific Plan in El Dorado Hills. The result of the petition was a settlement agreement that reduced the size of the development and required a $150,000 contribution from the El Dorado Hills Investors to the County’s affordable housing efforts.
On April 16, 2002, the Board adopted Resolution 101-2002 which approved a loan of $150,000 at 1% simple interest per annum to Mercy Housing California for predevelopment costs associated with the 168-unit affordable workforce rental housing complex known as White Rock Village Apartments. Mercy Housing California repaid the loan, including accrued interest of $4,438.44, on July 31, 2005, following completion of White Rock Village.
On March 3, 2009, the Board adopted Resolution 048-2009 approvi...
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