Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Ken Cole, Director of Housing
Subject: Measure K: Acquisition of 1512 Stafford Street Apartments
RECOMMENDATION:
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Measure K: Adopt a resolution authorizing:
A) A loan to HIP Housing Development Corporation (HHDC) of $600,000 for the acquisition of real property located at 1512 Stafford Street in Redwood City; and
B) The Director of the Department of Housing, or the Director's designee, to execute a loan agreement with HIP Housing Development Corporation (HHDC) for the acquisition of 1512 Stafford Street in Redwood City, as approved by County Counsel.
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BACKGROUND:
On June 28, 2016, the Board of Supervisors adopted a resolution to allocate $10 million in Measure A, now referred to as Measure K, funding to establish a program to fund the acquisition and to preserve the affordability or apartment buildings rented at below-market rents in San Mateo County. The Board of Supervisors established the Affordable Rental Acquisition and Preservation Program (ARAPP) in recognition of the negative effects on low- and moderate-income households when the sale of existing apartment buildings results in rent increases and displacement. In November 2016, the Board approved a request from MidPen Housing for $5,883,211 to support the acquisition of the 55-unit Atherton Court apartment complex, leaving $4,116,789 to be allocated.
HIP Housing is aware of a building located at 1512 Stafford Street in Redwood City being offered for sale. The property, which consists of seven multifamily residential units and a 1,500 square foot ground floor commercial space, is located less than a mile from downtown Redwood City, a Caltrain station, and other amenities. The sellers of 1512 Stafford are interested in preserving affordability of the units and selling the building without displacing or rent-burdening the existing tenant households and commercial tenant - Mo Mu...
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