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Supervisor Santiago requesting the Board consider the following regarding the 40-unit affordable workforce rental housing project known as Sunset Lane Apartments, proposed by Mercy Housing California 55, a California Limited Partnership, division of Mercy Housing California:
1) Authorize the Director of the Health and Human Services Agency, or successor, to execute the Loan Agreements, Development Agreements, Promissory Notes, Regulatory Agreements, Deeds of Trust With Assignment of Rents, Subordination Agreements, escrow instructions and all other documents necessary to issue the loan to, service the loan for, and collect loan repayments from Mercy Housing California 55, subject to execution of the Repayment Guaranty by Mercy Housing Inc. as a condition precedent to the execution of the loan documents, for the development of the Sunset Lane Apartments in Shingle Springs, California up to $483,000 from Community Development Block Grant Loan 10-STBG-6711 and up to $3,000,000 from Home Investment Partnership Grant Loan 11-HOME-6952, pending County Counsel and Risk Management approval; and
2) Authorize the Auditor-Controller’s Office to process check requests and the Treasurer-Tax Collector to process wire transfers, if needed, to disburse funds which will be offset by corresponding amounts from the above loan grants. (Refer 3/6/12, Item 20) (Est. Time: 15 Min.)
FUNDING: Community Development Block Grant and Home Investment Partnership Grant Loan.
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Fiscal Impact/Change to Net County Cost: Funds for grant general administration and activity delivery are provided under the loan agreements. There is no match requirement associated with the award of funds under Home Investment Partnership (HOME) Standard Agreement. The required match under the Community Development Block Grant (CDBG) Public Improvements in Support of Affordable Housing New Construction (PIHNC) Standard Agreement is $4,500 and will be met through General Fund Housing Element Implementati...
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