Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Ken Cole, Director, Department of Housing
Subject: Measure K: Acquisition of 180 Buckingham Avenue Apartments
RECOMMENDATION:
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Measure K: Adopt a resolution authorizing:
A) A loan to Saint Francis Center in the amount of $4,000,000 for the acquisition of real property located at 180 Buckingham Avenue in the unincorporated area of the County of San Mateo, also known as North Fair Oaks; and
B) The Director of the Department of Housing, or the Director's designee, to execute a loan agreement with Saint Francis Center for the acquisition of 180 Buckingham Avenue in the unincorporated area of the County of San Mateo, also known as 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 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. The ARAPP loan program is part of the County Affordable Housing Fund (AHF) targeted to the acquisition and rehabilitation of existing, naturally occurring, affordable housing.
Saint Francis Center has executed a purchase and sale agreement to acquire property located at 180 Buckingham Avenue in the unincorporated area of the County of San Mateo, also known as North Fair Oaks. The property, which consists of 48 multifamily residential units, has been placed on the market four times in four years, leading to increased rents and displacement of most of its former residents. These former resi...
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