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Consent-General Government # 11.
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| Board of Supervisors |
County Administrator |
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| Subject |
| Approve a $300,000 loan from the Inclusionary Housing Fund to Mercy Housing as part of a multi-funding source for the construction and development of the Esparto Multi-Family Housing Project, Phase II. (No general fund impact) (Nunes) |
| Recommended Action |
- Approve a $300,000 loan from the Inclusionary Housing Fund to Mercy Housing as part of a multi-funding source for the construction and development of the Esparto Multi-Family New Construction, Phase II; and
- Authorize County Counsel to work with Mercy Housing to finalize the loan agreement (Att. A) and authorize the County Administrator to execute the agreement and any related documents securing loan repayment.
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| Strategic Plan Goal(s) |
| Thriving Residents |
| Reason for Recommended Action/Background |
The Yolo County Board of Supervisors unanimously approved Resolution No. 14-60 to submit an application for $4.6 million in funding to the California State Department of Housing and Community Development for funding under the HOME Investment Partnerships Program on June 24, 2014 for the Esparto Multi-Family New Construction, Phase II project. At that time, a request was received for a $300,000 loan from Mercy Housing from County Inclusionary Housing Funds at that June 24, 2014 Board of Supervisors meeting. Although intended to be included, that request was not included in the action of Resolution No. 14-60. To correct the missing action, Board of Supervisors are asked to approve the loan request, which will allow the Project to proceed.
The County of Yolo Inclusionary Housing Fund has a current balance of $388,512 and has sufficient funds available to accommodate the loan request. There are no additional funding requests at this time. In accordance with existing and past practice, the proposed terms are for a fully amortized loan over 55 years at 3% simple interest, with residual receipts payments deferred to maturity.
Staff recommends the attached draft loan agreement be finalized by County Counsel and the Board authorize the County Administrator to execute the final agreement with Mercy Housing. In finalizing the attached draft agreement, the Office of the County Counsel also expects to draft a deed of trust and a promissory note to secure repayment of the loan and describe additional repayment terms, all in a manner consistent with the attached draft loan agreement.
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| Collaborations (including Board advisory groups and external partner agencies) |
| County Counsel, Yolo County Housing, Mercy Housing |
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| Fiscal Impact |
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| Source of Funds for this Expenditure |
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Explanation (Expenditure and/or Revenue) |
| Further explanation as needed: |
| The funding for this loan was set aside in 2014 and remains available to fund this loan. |
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