File #: 11-00285    Version: 1
Type: Agenda Item Status: Passed
File created: In control: BOARD OF SUPERVISORS
On agenda: 4/12/2011 Final action: 4/12/2011
Title: Consider recommendations regarding the Creekside Village HOME Investment Partnerships Program (HOME) Loan Agreement, Third District, as follows: a) Approve the final commitment of $1,228,227.00 in HOME Investment Partnerships Program (HOME) funds to Los Alamos Creekside Village, L.P. for development of the Creekside Village Project providing 39 affordable rental units in Los Alamos; b) Approve the final commitment of $800,000.00 in Local Affordable Housing Funds (Local Funds) to Los Alamos Creekside Village, L.P., for the aforementioned project; c) Approve and authorize the Chair to execute a Loan Agreement in the amount of $2,028,227.00, a HOME Regulatory Agreement, and an In-Lieu Regulatory Agreement; and d) Authorize the Deputy Director of Housing and Community Development to execute two Subordination Agreements in a form approved by County Counsel, one for a loan by the US Bank, and one for a grant by the State of California Department of Housing and Community Development throu...
Sponsors: HOUSING AND COMMUNITY DEVELOPMENT
Attachments: 1. Board Letter, 2. Loan Agreement, 3. HOME Regulatory Agreement, 4. In Lieu Regulatory Agreement, 5. BOS Minute Order 5/19/09

Title

Consider recommendations regarding the Creekside Village HOME Investment Partnerships Program (HOME) Loan Agreement, Third District, as follows:

 

a) Approve the final commitment of $1,228,227.00 in HOME Investment Partnerships Program (HOME) funds to Los Alamos Creekside Village, L.P. for development of the Creekside Village Project providing 39 affordable rental units in Los Alamos;

 

b) Approve the final commitment of $800,000.00 in Local Affordable Housing Funds (Local Funds) to Los Alamos Creekside Village, L.P., for the aforementioned project;

 

c) Approve and authorize the Chair to execute a Loan Agreement in the amount of $2,028,227.00, a HOME Regulatory Agreement, and an In-Lieu Regulatory Agreement; and

 

d) Authorize the Deputy Director of Housing and Community Development to execute two Subordination Agreements in a form approved by County Counsel, one for a loan by the US Bank, and one for a grant by the State of California Department of Housing and Community Development through the Joe Serna Jr. Farm Worker Housing Program.