Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Ken Cole, Director, Department of Housing
Subject: Measure K: Stopgap Funding for Atherton Court Apartments
RECOMMENDATION:
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Measure K: Adopt a resolution:
A) Authorizing a loan to MidPen Housing in the amount of $2,546,000 to support the financing and renovation of real property located at 3752-3770 Rolison Road, also known as Atherton Court, in Redwood City; and
B) Authorizing the Director of the Department of Housing, or the Director's designee, to execute a loan agreement with MidPen Housing supporting the financing of Atherton Court 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 K funding to establish the Affordable Rental Acquisition and Preservation Program (ARAPP) to support the acquisition and preservation of apartment buildings rented at below-market rates in San Mateo County. The first ARAPP loan of $5,883,211 was made to MidPen Housing (MidPen) in December 2016 to support its acquisition of a property known as Atherton Court, located at 3752-3770 Rolison Road in Redwood City. The 55-unit complex was known to house many clients of County service agencies, and the seller had received numerous purchase offers each of which required that the property be delivered vacant. Many Atherton Court residents would likely have been rendered homeless upon eviction which made the acquisition a priority for ARAPP funding. Following the acquisition of Atherton Court in December 2016, MidPen began life safety repairs and now seeks to apply for Low Income Housing Tax Credits (LIHTC) in June 2017 to allow substantial renovations to begin in early 2018.
Since acquiring the complex, MidPen and supportive services provider Abode Services have engaged with tenants and discovered a need for additional supportive services. Mid...
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