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COUNTY OF SAN MATEO
Inter-Departmental Correspondence
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Department of Housing
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DATE:
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October 17, 2005
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BOARD MEETING DATE:
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November 8, 2005
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SPECIAL NOTICE/HEARING
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None
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VOTE REQUIRED
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Majority
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TO:
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Honorable Board of Supervisors
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FROM:
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Duane Bay, Director, Department of Housing
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SUBJECT:
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Submission of Application to the California Housing Finance Agency under the Housing Enabled by Local Partnerships (HELP) Loan Program to Assist the Development of the Colma Transit Village Apartments
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Recommendation
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Adopt a Resolution:
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1.
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Authorizing submission of an application to the California Housing Finance Agency for the Housing Enabled by Local Partnerships (HELP) Loan Program; and
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2.
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Authorizing the Director of the Department of Housing to execute documents and to take other actions as necessary to facilitate the application.
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Vision Alignment
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Commitment: Offer a full range of housing choices.
Goal 9: Housing exists for people at all income levels and for all generations of families.
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The action contributes to this commitment and goal by increasing the affordable housing stock in this County by moving Colma Transit Village, a proposed affordable housing development of 170 family units, one more step toward realization. Additional financing from HELP would firmly leverage the current County Community Development Block Grant investment of $500,000. As shown in the following table, in the current fiscal year, the County is already ahead of last year’s pace in number of units in the affordable housing pipeline.
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Performance Measures:
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Measure
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FY 2004-2005
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Projected
2005-2006
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Number of County-supported units under development during the Fiscal Year
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667
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960*
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* Subject Project of 170 units included in this figure.
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Background
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BRIDGE Housing Corporation, through its affiliate nonprofit, BRIDGE Regional Partners, is developing an anticipated 170 units of family units on a piece of triangular property adjacent to the Colma BART Station. This site was designated by the Colma BART Area Specific Plan for higher density housing. The County has committed $500,000 for this project from funding from the Community Development Block Program. Approval of the funding agreement with BRIDGE by the Board is anticipated for November or December 2005.
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Discussion
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BRIDGE is currently seeking funds to leverage County dollars through various sources. One such source is the California Housing Finance Agency (CalHFA)’s Housing Enabled by Local Partnerships (HELP) Loan Program. This program’s goal is to advance housing production opportunities through partnerships with local governments. CalHFA expects to undertake two funding rounds for HELP this fiscal year. A Fall announcement of $10 million was recently made. Applications for this funding will be competitively evaluated and must be initiated by local government to ensure that the proposed project or program for which HELP funding is requested has active support from the local governmental entity. The application deadline for the Fall round is November 14, 2005. Specifics for the Spring round have not been announced.
The maximum HELP loan of $1.5 million will be requested to assist the Project. The HELP loan carries a maximum loan term to the local jurisdiction of 10 years at an interest rate of 3 percent simple. The County will use the HELP proceeds to make a loan to the Project and will structure it so that there will be no impact on the County’s general fund.
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Fiscal Impact
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The application to the State involves no Net County Cost. Should the County be successful in being awarded a HELP loan, the Department of Housing will structure the HELP financing and its payback on the Project in such a manner as to have no impact on Net County Cost.
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