DATE: October 22, 2019
TO: Board of Supervisors
SUBMITTED BY: Steven E. White, Director
Department of Public Works and Planning
SUBJECT: HOME Agreement with WP Gateway Villas Apartments, LP for the Gateway Villas Apartments Project in the City of Kerman
RECOMMENDED ACTION(S):
TITLE
1. Approve and authorize the Chairman to execute an Agreement with WP Gateway Villas Apartments, LP for HOME Investment Partnerships Program funds for the development of the Gateway Villas Apartments affordable housing project in the City of Kerman ($980,000); and,
2. Authorize the Director of the Department of Public Works and Planning, or designee, upon review and approval by County Counsel as to legal form and Auditor-Controller/Treasure-Tax Collector as to accounting form, to execute all loan and related documents necessary for the Gateway Villas Apartments Project, including any amendments thereto as shall be necessary for the purpose of developing the Project.
REPORT
Approval of the recommended actions will approve a loan in Federal HOME Investment Partnerships (HOME) funds for the development of the Gateway Villas Apartments affordable housing project (Project) in the City of Kerman. The total development cost is estimated at $17,480,803. The balance of funds needed to complete the financing of the Project will be from non-County funds, and include a variety of other public and private funding sources. The HOME agreement is with WP Gateway Villas Apartments, LP, a California Limited Partnership (the Partnership). The Partnership consists of Central Valley Coalition for Affordable Housing, a nonprofit agency, serving as the Managing General Partner, and WP Gateway Villas, LLC, as the Administrative General Partner and project developer. The Project will develop a 61-unit multi-family rental affordable housing project, of which 11 will be designated as HOME-assisted units. Additionally, the Director of the Department of Public Works and Planning, or designee, will be...
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