RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION AUTHORIZING:
(1) EXECUTION OF AN AGREEMENT WITH MCB FAMILY HOUSING, INC. FOR $621,508 CDBG FUNDS TO ASSIST WITH LAND ACQUISITION FOR THE DEVELOPMENT OF TRESTLE GLEN APARTMENTS FOR A TERM OF 55 YEARS;
AND (2) THE DIRECTOR OF THE DEPARTMENT OF HOUSING OR THE DIRECTOR’S DESIGNEE TO EXECUTE CONTRACT AMENDMENTS OR OTHER DOCUMENTS AS MAY BE APPROPRIATE TO ACHIEVE THE INTENT OF THE AGREEMENT, SO LONG AS THE COUNTY’S COUNTY'S MAXIMUM FISCAL OBLIGATION IS NOT MODIFIED BY NO MORE THAN $25,000 IN AGGREGATE

RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

WHEREAS, Trestle Glen Apartments at El Camino Transit Village (the “Project”), is a multifamily affordable housing project located adjacent the Colma BART Station that is under development by BRIDGE Housing Corporation, and which has appeared before the Board six previous times since November 2005, primarily to request approvals related to various funding; and

WHEREAS, the Board has approved the following funding related to the Project: CDBG $621,508; HOME $1,378,492; HELP $1,500,000 through the California Housing Finance Agency; and Section 108 Loan Program $10,745,000 through HUD; and

WHEREAS, because the various funding sources impose specific restrictions on their uses and the Project has proceeded well along in its development phase, it has now become necessary to restructure the existing financing that has already been approved; and

WHEREAS, on November 14, 2006, by Resolution No. 68382, the Board approved $2,000,000 of combined CDBG and HOME loans for the Project to Bridge affiliate Northpoint Housing, Inc. (“Northpoint”); and

WHEREAS, the financing restructuring calls for another BRIDGE affiliate, MCB Family Housing, Inc. (“MCB”) to purchase the land for the Project from Northpoint at a market price that includes the amount of the CDBG financing; and

WHEREAS, Northpoint shall pay back the CDBG loan of $621,508, and the County desires to re-loan the CDBG funds to MCB to assist in land acquisition; and

WHEREAS, there has been presented to this Board of Supervisors for its consideration and acceptance an Agreement with MCB for a $621,508 CDBG loan (the “MCB CDBG Loan Agreement”), reference to which is hereby made for further particulars, and the Board of Supervisors has examined and approved the same as to form and content and desires to enter into the same.

NOW, THEREFORE, IT IS HEREBY RESOLVED that the President of this Board of Supervisors be, and is hereby authorized and directed to execute said MCB CDBG Loan 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 Department of Housing or the Director’s designee shall be authorized to execute contract amendments and other documents as may be appropriate to achieve the intent of the MCB CDBG Loan Agreement, so long as said amendments and other documents do not modify the County's maximum fiscal obligations by more than $25,000 in aggregate.