Title
a. Approve a Housing and Financing Regulatory Agreement and Declaration Of Restrictive Covenants for Rockrose Gardens; and
b. Authorize the Director of Economic Development to execute the Agreement and make minor modifications as necessary.
report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve a Housing and Financing Regulatory Agreement and Declaration Of Restrictive Covenants for Rockrose Gardens; and
b. Authorize the Director of Economic Development to execute the Agreement and make minor modifications as necessary.
SUMMARY:
The County received a Neighborhood Stabilization Program 3 (NSP3) grant in the amount of $1,284,794 from the U.S. Department of Housing and Urban Development (HUD) in March of 2011. To date, just over $800,000 of the grant funds have been expended. One of the grant activities proposed to meet the HUD requirement of support for individuals earning less than 50% of the Area Median Income (AMI) is Interim's Rockrose Gardens affordable rental housing project for psychiatrically disabled located in Marina. The recommended action is to approve a Regulatory Agreement and Declaration of Restrictive Covenants for the project.
DISCUSSION:
One of the County's NSP3 activities approved by HUD is for financial assistance to Interim, Inc.'s Rockrose Gardens. This affordable housing project benefits households earning 50% or less of the AMI. Interim, Inc. is a local non-profit developer and service provider with a mission of aiding people with psychiatric disabilities. Rockrose Housing Corporation, an affiliated entity, will acquire the site, demolish the existing buildings, and construct a manager's unit and twenty units of affordable multi-family housing for persons with psychiatric disabilities.
The County provided NSP3 funds for pre-development costs for the project in March of 2013. Interim is now ready to acquire the site and proceed with construction. The County's NSP3 loan will co...
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