Agenda - 01-20-2000 - 9f - Laserfiche WebLink

Browse Search

3 • The CLTOC Boazd would have the right to take over the Scazlette Drive Homeowners Association responsibilities if problems occur with maintenance of the property. • The CLTOC will work towazds having access to a capital reserve for emergency situations. • The CLTOC will maintain a waiting list of pre-qualified homebuyers so that when a home is available, there will be a family ready to purchase the home. Based on this analysis, County staff recommends that the HOME funds allocated for the Scazlette Drive Project be provided in the form of a grant. The potential benefits of granting rather than loaning these funds -permanent affordability, and the reduced sales prices -are consistent with the long term housing affordability goals of the County. To provide the financial assistance in the form of a grant, the current Development Agreement should be terminated and replaced with a new Grant Agreement that incorporates the above discussion points and provides for a grant rather than a loan to the project. Additionally, the Orange Community Housing Corporation (OCHC) submitted a request for bond funding for this project. Specifically, OCHC requested that $140,000 be granted to this development to be used for project construction costs. The Bond Review Committee has reviewed the request and. recommend full funding of the request. In order to facilitate this expenditure, the BOCC must approve a Capital Project Ordinance appropriating funds to this project. A Capital Project Ordinance has been prepazed to accomplish this task and is included with this abstract for the Board's consideration. Second, a Development Agreement must be executed between the County and Orange Community Housing Corporation that secures and governs the bond funds. A Development Agreement has been developed by County staff for review by the Board and the County Attorney. FINANCIAL IMPACT: Approximately $131,000 in HOME Program funding has been allocated to the Scazlette Drive Project. Bond fund awazd to this project represents an expenditure of $140,000 of the $1.8 million dollar Affordable Housing Bond approved in November 1997. RECOMMENDATION(S): The Manager recommends the following: 1. Approval of the allocation of $131,000 in HOME Investment Partnership funds to the Orange Community Housing Corporation in the form of a grant and authorize the County Manager in consultation with the County Attorney to execute a Grant Agreement on behalf of the County. 2. Approval of the allocation of $140,000 in Housing Bond funds to the Scazlette Drive Townhome Development; the Capital Project Ordinance authorizing the expenditure of $140,000 in housing bond funding; and authorize the County Manager upon the County Attorney's review and approval, to execute a Development Agreement with Orange Community Housing Corporation on behalf of the County.