Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Raymond Hodges, Director, Department of Housing
Subject: Authorization to Apply for Project Homekey Funds from the State of California Department of Housing and Community Development and Approval of Purchase and Sale Agreement for the Acquisition of the TownePlace Suites Hotel in Redwood City
RECOMMENDATION:
title
Recommendation to:
A) Adopt a resolution
1. Authorizing and directing the County Manager, or the Director of the Department of Housing as his designee, to prepare and submit an application for grant funds from the Homekey Program NOFA administered by the State of California Department of Housing and Community Development ("State HCD"), in response to its Notice of Funding Availability, dated July 16, 2020, in a total amount not to exceed $20,356,500, which includes $18,048,000 for capital expenditures and $2,308,500 for capitalized operating subsidy; and
2. Authorizing and directing the County Manager, or the Director of the Department of Housing as his designee, to ensure that any funds awarded for capital expenditures are spent by December 30, 2020, and that any funds awarded for capitalized operating subsidies are spent by June 30, 2022, in the event the County's application for funds from the Homekey Program is approved; and
3. Authorizing and directing the County Manager, or the Director of the Department of Housing as his designee, to enter into, execute and deliver a Standard Agreement in a total amount not to exceed $20,356,500, any and all other documents required or deemed necessary or appropriate to secure the Homekey funds from State HCD and to participate in the HomeKey Program, and all amendments thereto, in the event the County's application for funds from the Homekey Program is approved; and
4. Authorizing an allocation of up to $11,602,000 in CARES Act Funds as a match of local funds from the County for capita...
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