Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Raymond Hodges, Director, Department of Housing
Subject: Affordable Housing and Property Disposition Agreement, Ground Lease and Loan Documents for Middlefield Junction - Parcel "A" Mixed-Use Affordable Rental Housing Development Project
RECOMMENDATION:
title
Measure K: Adopt a resolution:
A) Authorizing the Director of the Department of Housing, or designee, to execute and implement an Affordable Housing and Property Disposition Agreement with Mercy Housing California 96, L.P. and any and all documents necessary to implement the same, including a Ground Lease to Mercy Housing California 96, L.P., for its development and subsequent operation of a mixed-use affordable rental housing development ("Project") on County property located at 2700 Middlefield Road in the North Fair Oaks neighborhood of unincorporated San Mateo County ("Property"); and
B) Authorizing the Director of the Department of Housing, or designee, to execute any loan documents ("Loan Documents") required for the County to provide a loan to Mercy Housing California 96, L.P. in a total amount not to exceed $10,972,133 with a term of fifty-five (55) years at an interest rate of three percent (3%) for the purpose of providing funding for predevelopment activities and construction for the Project on the condition that an affordability covenant will be recorded against the Property restricting rental to and occupancy of all Project units (other than two management units) to income-restricted households.
body
BACKGROUND:
The Middlefield Junction Parcel "A" Mixed-Use Development is located on a vacant undeveloped 3.2-acre parcel of property (APN: 054-113-140) at 2700 Middlefield Road in the North Fair Oaks neighborhood of unincorporated San Mateo County, which the County acquired by grant deed on September 30, 2014 (the "Property").
On July 10, 2018, the County of San Mateo iss...
Click here for full text