Title
a. Approve an agreement, containing non-standard insurance provisions, with Monterey Bay Housing Trust in the amount of $500,000, to support the creation and retention of affordable housing in Monterey County;
b. Authorize the County Administrative Officer to execute the agreement;
c. Authorize Monterey County's deposit of $500,000 as a financial contribution to the Monterey Bay Housing Trust.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve an agreement, containing non-standard insurance provisions, with Monterey Bay Housing Trust in the amount of $500,000, to support the creation and retention of affordable housing in Monterey County;
b. Authorize the County Administrative Officer to execute the agreement;
c. Authorize Monterey County's deposit of $500,000 as a financial contribution to the Monterey Bay Housing Trust.
SUMMARY:
The recommended action will implement direction received from the Board of Supervisors during FY 2017-18 budget hearings and again on August 29, 2017, to partner with the Monterey Bay Housing Trust (MBHT). Specifically, the action will authorize the County Administrative Officer to enter into an agreement with MBHT that will direct how the County's initial $500,000 contribution will be used to support the creation and retention of affordable housing in the unincorporated areas of Monterey County. MBHT has requested that the County accept lower levels of Master Crime Insurance and Directors and Officers (D&O) Liability Insurance than was presented in the agreement on August 29, 2017.
DISCUSSION:
The Monterey Bay Housing Trust (MBHT) is a revolving loan fund sponsored by the Monterey Bay Economic Partnership (MBEP) and Housing Trust Silicon Valley (HTSV). The goal of this fund is to increase the supply of affordable housing for low-income households. MBHT loans are used primarily to finance acquisition of land, entitlement and predevelopment costs for affordable housing projects in the Mon...
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