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File #: 24-1260    Name: Second Amendment to the Regulatory Agreement and Declaration of Restrictive Covenants with HCD
In control: Board of Supervisors
On agenda: 12/3/2024 Final action: 12/3/2024
Enactment date: Enactment #: Agreement No. 24-632
Title: Approve and authorize the Chairman to execute Amendment No. 2 to the Homekey Regulatory Agreement and Declaration of Restrictive Covenants for Crossroads Village.
Attachments: 1. Agenda Item, 2. Agreement A-24-632 - Amendment No. 2 to the Regulatory Agreement
DATE: December 3, 2024

TO: Board of Supervisors

SUBMITTED BY: Sanja Bugay, Director, Department of Social Services

SUBJECT: Second Amendment to the Regulatory Agreement and Declaration of Restrictive Covenants with the California Department of Housing and Community Development

RECOMMENDED ACTION(S):
TITLE
Approve and authorize the Chairman to execute Amendment No. 2 to the Homekey Regulatory Agreement and Declaration of Restrictive Covenants for Crossroads Village.
REPORT
Approval of the recommended action will authorize the Chairman to execute Amendment No. 2 to the Homekey Regulatory Agreement and Declaration of Restrictive Covenants (Regulatory Agreement) to add Crossroads Village Fresno, LP (Crossroads) to the new ownership structure, required by the California Department of Housing and Community Development (HCD) to align with all other Homekey projects. Additionally, the recommended action will adjust the total units of Homekey from 165 to 141 units and align the term of the agreement with funding awarded for Project Homekey, to fifty-five (55) years and as required by HCD to correctly regulate and restrict the property to the appropriate number of units for the full required agreement term. Although this item pertains to a location in District 2, the item is Countywide.

ALTERNATIVE ACTION(S):

Should your Board elect not to approve the recommended action, the County and its partners will be out of compliance with the Homekey requirements and the State of California's request to align ownership across all Homekey agreements, resulting in the potential termination of the Homekey Project and its implementation. Additionally, should the recommended action not be approved, 141 permanent housing units would not be made available for individuals and families currently experiencing homelessness.

FISCAL IMPACT:

There is no increase in Net County Cost associated with the recommended action. While the recommended action is necessary to remain in compliance ...

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