Title
Public Housing Authority (PHA) recommending Resolution amending an application previously submitted by El Dorado County to the California Housing Finance Agency (CalHFA), substituting the PHA for the County as the applicant to participate in the Housing Enabled by Local Partnerships (HELP) Program to obtain a $1,500,000 loan that will initially be lent in support of acquisition of property and construction activities for affordable rental housing development and authorizing the Department Director, as the Executive Director of the PHA, to execute the loan agreement, contingent upon approval by County Counsel and Risk Management, and any other documents required by CalHFA for participation in the HELP Program, and to take other actions necessary to facilitate the proposed program.
RECOMMENDED ACTION: Adopt Resolution PHA 2-08.
Body
BUDGET SUMMARY:
Total Estimated Cost $0
Funding
Budgeted $
New Funding $
Savings $
Other $
Total Funding Available $
Change To Net County Cost $0
Fiscal Impact/Change to Net County Cost: No change.
Background:
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 that was initially to 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 the unincorporated Placerville area. Due to funding delays for the offsite improvements associated with this project the Developer has determined that it is no longer feasible to pursue an affordable housing development at this location. The Department has confirmed with CalHFA tha...
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