Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Raymond Hodges, Director, Department of Housing
Subject: The County of San Mateo joining HEART-SV, a Joint Powers Authority, as a Member Agency
RECOMMENDATION:
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Adopt a resolution authorizing the County of San Mateo ("County") to join HEART-SV, a Joint Powers Authority, as a member agency and authorizing the President of the Board of Supervisors, or designee, to execute and implement the HEART-SV JPA Agreement ("JPA Agreement") and any agreements and/or documents necessary to implement the Joint Powers Authority agreement.
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BACKGROUND:
The Housing Endowment and Regional Trust of San Mateo County ("HEART") is a Joint Powers Authority ("JPA") whose purpose is to create and preserve affordable housing for low- and moderate-income families. The County is a member agency of HEART. On May 25, 2022, HEART's Board of Directors established the Middle-Income Housing Bond Program ("Bond Program") to acquire multi-family residential projects by issuing bonds to create affordable housing. The Joint Exercise of Powers Act ("Act") grants JPAs, such as HEART, the authority to issue revenue bonds for such purposes.
On September 28, 2022, as part of creating the Bond Program and establishing a public affordable housing land trust, HEART's Board of Directors voted to create a separate affiliate JPA, called HEART-SV. HEART-SV will be governed and controlled by HEART. HEART's Board Members, which includes two members of San Mateo County's Board of Supervisors, will serve as the board of HEART-SV.
HEART-SV will be legally formed upon the execution of the JPA Agreement by HEART and at least one other member agency (e.g. the County). HEART-SV will serve as a special vehicle to issue bonds to acquire multi-family residential projects and to own the housing projects as a public land trust on behalf of HEART.
The purpose of this resolution is to autho...
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