DATE: October 5, 2021
TO: Board of Supervisors
SUBMITTED BY: Jean M. Rousseau, County Administrative Officer
Delfino Neira, Director, Department of Social Services
Dawan Utecht, Director, Department of Behavioral Health
SUBJECT: Crossroads Village - Capital Financing Letter of Commitment
RECOMMENDED ACTION(S):
TITLE
Approve and authorize the County Administrative Officer to execute a Capital Financing Letter of Commitment of $2,350,000 to be used for construction of the Crossroads Village project to Sponsor UPholdings California, LLC's application to the California Debt Limit Allocation Committee and Tax Credit Allocation Committee
REPORT
There is no additional Net County Cost associated with the recommended action, which will allow UP Holdings California, LLC (UPholdings) to add the executed letter to their 4% Tax Exempt Bond Application to the California Debt Limit Allocation Committee/Tax Credit Allocation Committee (CDLAC/TCAC). The application was submitted by the September 9, 2021 deadline and, if successful, will provide an anticipated tax credit investment of approximately $19,648,331 and a tax-exempt construction bond of $26,074,183. The project has received additional funding including $20,000,000 through the California Department of Housing and Community Development (HCD) No Place Like Home (NPLH) program. Once 141 tax credit units are converted to permanent housing, the County's $1,000,000 annual housing commitment will be removed. If the Tax Credit Allocation is approved, the staff will return to your Board for a Promissory Note with UP Holdings to provide capital funds and a Capitalized Operating Subsidy Reserve (COSR) for the construction and operation of the Crossroads Village project. This item pertains to a location in District 2.
ALTERNATIVE ACTION(S):
If your Board does not approve the recommended action, the County's $1,000,000 annual housing commitment would continue until the units can be converted to meet permanent housing with...
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