RESOLUTION NO. _____________
BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA
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RESOLUTION AUTHORIZING THE EXECUTION OF AN AGREEMENT WITH HIP HOUSING TO ASSIST IN THE REHABILITATION OF THE 11 SOUTH DELAWARE APARTMENTS, AND AUTHORIZING THE DIRECTOR OF THE HUMAN SERVICES AGENCY TO EXECUTE SUBSEQUENT AMENDMENTS AND MINOR MODIFICATIONS NOT TO EXCEED $25,000 PER FUNDING SOURCE
RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that
WHEREAS, pursuant to the National Affordable Housing Act of 1990, federal funds through the HOME Investment Partnerships Program ("HOME") may be used to assist eligible housing development activities; and
WHEREAS, Contractor is a certified Community Housing Development Organization (CHDO) under HOME Program rules, and as such, is qualified to receive CHDO set-aside funds under the HOME Program; and
WHEREAS, Contractor has applied for County HOME funds to assist in the acquisition-rehabilitation ("Project") of 11 South Delaware Street, San Mateo ("Property" ), an eleven-unit apartment building near downtown San Mateo; and
WHEREAS, due to the timing needs of the Seller, Contractor has since purchased the Property with other than County funds, including $660,000 of the City of San Mateo HOME dollars; and
WHEREAS, other funding for the Project includes proceeds through the California Housing Finance Agency ("CalHFA") and low income housing tax credits; and
WHEREAS, On May 6, 2003, the Board of Supervisors approved the FY 2003-04 CDBG, ESG, and HOME Action Plan, which included HOME CHDO set-aside funds of $300,000 toward the rehabilitation portion of the Project; and
WHEREAS, total Project costs, including $1.6 million acquisition costs, are estimated at almost $2.4 million.
NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the President of this Board of Supervisors is hereby authorized and directed to execute said Agreement for and on behalf of the County of San Mateo; and the Clerk of this Board shall attest the President's signature thereto.
BE IT FURTHER RESOLVED, that the Director of the Human Services Agency shall be authorized to execute subsequent amendments and modifications to this Agreement during the term of the Agreement, provided however, that such authority is limited to (a) reducing or increasing the County's maximum fiscal obligation in the event that there is a commensurate reduction or increase in funding received by the County, provided, however, that such increases shall be limited to a total of $25,000 per funding source; and (b) making changes in the types of services and activities provided by HIP Housing, provided that the changes have no impact on the County's maximum fiscal obligation to HIP Housing.
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