Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Raymond Hodges, Director, Department of Housing
Subject: Amended and Restated Declaration of Restrictive Covenant with East Palo Alto Community Alliance Neighborhood Development Organization and Preserving Affordable Housing Assets Longterm, Inc.
RECOMMENDATION:
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Adopt a resolution:
A) Approving an Amended and Restated Declaration of Restrictive Covenant ("Amended and Restated Declaration") with East Palo Alto Community Alliance Neighborhood Development Organization and Preserving Affordable Housing Assets Longterm, Inc. to preserve the long-term affordability of the homes located at 1274, 1278, 1288 and 1290 Garden Street in East Palo Alto, CA in San Mateo County, substantially in the form of Attachment A; and
B) Authorizing the Director of the Department of Housing, or designee(s), acting in consultation with the County Attorney, to negotiate and execute any and all agreements, documents, certificates and amendments related to the Amended and Restated Declaration as may be necessary and advisable to effectuate the purposes of this resolution.
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BACKGROUND:
On January 26, 2016, through Resolution No. 074300, the Board awarded $200,000 to MidPen Housing Corporation ("MidPen Housing") and Hello Housing, an affiliate of MidPen Housing, to create a single-family home acquisition program to preserve and expand rental and ownership opportunities for low- and moderate-income households.
On December 13, 2016, through Resolution No. 074934, the Board approved the purchase of four single-family homes located at 1274, 1278, 1288 and 1290 Garden Street in East Palo Alto, (the "Property") owned by California Family Foundation to be purchased by MidPen Housing and Hello Housing ("Housing First, LLC"), subject to the recordation of a Declaration of Restrictive Covenant ("Declaration") limiting rental or sale of the individual homes to househ...
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