Special Notice / Hearing: None
Vote Required: Majority
To: Honorable Board of Supervisors
From: Raymond Hodges, Director of Department of Housing
Subject: Measure K: Loan to Peninsula Open Space Trust and Fifth Crow Farm for Purchase and Installation of Farm Labor Housing in Pescadero
RECOMMENDATION:
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Measure K: Adopt a resolution:
A) Authorizing the form of and directing the execution by the Director of the Department of Housing, or designee, of an agreement to provide a forgivable loan (the "Loan") in the principal amount of $900,000 to Peninsula Open Space Trust and Fifth Crow Farm to finance the purchase and installation of four new mobile home units to serve as farm labor housing in Pescadero pursuant to the County of San Mateo Farm Labor Housing Loan Program; and
B) Authorizing the form of a Promissory Note in connection with the Loan; and
C) Authorizing the form of a Deed of Trust to secure the Loan; and
D) Authorizing the form of an Affordability Covenant to ensure affordability restrictions on the property for 20 years; and
E) Authorizing and approving the taking of all necessary actions by the Director of the Department of Housing, or designee, in consultation with the County Attorney, to facilitate the closing of the transaction described herein and to give effect to this Resolution, including to execute and deliver any and all documents and certificates and to make nonmaterial changes to the forms approved herein deemed necessary or advisable to effectuate the purposes of this Resolution and the transaction contemplated hereby.
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BACKGROUND:
The high cost of living in San Mateo County (the "County") exacerbates many challenges especially for the approximately 1,400 farmworkers in the County. Many lack safe and affordable housing, adequate food, health care, and transportation.
In 2014, the Board, sitting as the Board of Commissioners of the Housing Authority of the County of San Mateo, approved the allocation for $500,000 of Moving...
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