Title
Human Services Department, Community Services Division, recommending Budget Transfer incorporating new revenues and appropriations in the amount of $1,500,000 within the Special Revenue Fund 11-107-001 for Fiscal Year 2007-2008 budget for a California Housing Finance Agency Loan HELP-022607-02. (4/5 vote required)
RECOMMENDED ACTION: Approve.
FUNDING: State funds.
Body
BUDGET SUMMARY:
Total Estimated Cost: $1,500,000.00
Funding
Budgeted $
New Funding $1,500,000.00
Savings $
Other $
Total Funding Available $1,500,000.00
Change To Net County Cost $0.00
Fiscal Impact/Change to Net County Cost: No change. There is no match requirement associated with the award of State funds. Loan funds will not be lent to Mercy Housing prior to the receipt of funds from CalHFA.
Background:
Reason for Recommendation:
On April 17, 2007 the Board authorized submittal of an application to the California Housing Finance Agency (CalHFA) to enable El Dorado County to participate in the Housing Enabled by Local Partnerships (HELP) Program to create a revolving loan fund to support the development of affordable multifamily rental housing. CalHFA awarded a loan of $1,500,000 to El Dorado County on August 8, 2007. The loan funds will initially be lent to Mercy Housing California to assist with development of a 70-unit affordable family rental housing project known as Runnymeade Terrace located in Placerville.
The Board further authorized the Director of Human Services to execute the CalHFA loan documents contingent upon approval by County Counsel and Risk Management. County Counsel approved execution of the loan agreement on November 19, 2007 and Risk Management approved the loan agreement document on November 26, 2007. A budget must be established at this time to accommodate receipt and expenditure of the loan proceeds once CalHFA loan documents are executed. The loan must be repaid to CalHFA ten yea...
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