Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Ken Cole, Director, Department of Housing
Subject: Measure K: Acquisition and Rehabilitation of 533 Warrington Avenue
RECOMMENDATION:
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Measure K: Adopt a resolution authorizing:
A) A loan to Multicultural Institute in the amount of $388,950 for the acquisition and rehabilitation of real property located at 533 Warrington Avenue in North Fair Oaks; and
B) The Director of the Department of Housing, or the Director's designee, to execute a loan agreement with Multicultural Institute for the acquisition and renovation of 533 Warrington Avenue in North Fair Oaks, 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 of 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.
Multicultural Institute is aware of a single-family home located at 533 Warrington Avenue in North Fair Oaks being offered for sale at a price significantly below the market value. The building is located in a residential neighborhood and houses clients of Multicultural Institute. The sellers of 533 Warrington are interested in preserving the affordability of the property and selling the building without displacing or rent-burdening the existing tenants.
DISCUSSION:
Multicultural Institute has applied for $388,950 of ARAPP funding to support the acquisition and rehabilitation of 533 Warrington Avenue in North Fair Oaks. The 5,000 sq. ft. property consists of two bedrooms an...
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