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HEARING - Consider recommendations regarding the HOME Loan for Property Acquisition and Rehabilitation and the draft Fiscal Year (FY) 2012-2013 and FY 2014-2015 Action Plan Substantial Amendments, as follows: (EST. TIME: 15 MIN.)
a) Approve the sale of the Property by Life Steps Foundation;
b) Consider the County's Right of First Refusal to purchase the Property at fair market value and determine that the County will not exercise its right to purchase the Property;
c) Approve Good Samaritan as buyer of the Property;
d) Receive and consider public comments on the draft FY 2014-2015 Action Plan Substantial Amendment received during a 30-day public comment period, which commenced on April 17, 2016 and concludes at the end of the May 17, 2016 public hearing on this item;
e) Approve FY 2014-2015 Action Plan Substantial Amendment to be submitted to Housing and Urban Development (HUD) that includes the provision of HOME funds to Good Samaritan to acquire and rehabilitate the Property;
f) Approve and authorize the Chair to execute a County HOME Loan Agreement, HOME Promissory Note and HOME Deed of Trust with Good Samaritan and provide $475,000.00 in HOME funds, of which $445,000.00 will to be used to acquire the Property and $30,000.00 will be used toward the costs to rehabilitate the Property;
g) Approve and authorize the Chair to execute a new County Regulatory Agreement that will restrict one (1) of the six (6) bedrooms at the Property for low-income persons with annual incomes not to exceed sixty-percent (60%) of area median income (AMI) and restrict five (5) bedrooms for persons with annual incomes not to exceed fifty-percent (50%) AMI for a period of fifteen and one-half (15.5) years;
h) Approve and authorize the Chair to execute an Assumption and Assignment Agreement of the Grant Agreement with Good Samaritan with the following modifications: 1) the six bedrooms will be income and rent restricted for households with annual incomes tha...
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