Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Raymond J. Hodges, Director, Department of Housing
Subject: Recommendation to Authorize Incorporation of $1,000,000 in AB 102 Funds into the 2801 ECR Affordable Housing Project
RECOMMENDATION:
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Adopt a resolution authorizing the Director of the Department of Housing or designee to approve and execute a Standard Agreement with the State of California Department of Housing and Community Development to incorporate $1,000,000 in State of California Funds awarded under Assembly Bill 102, also known as the State of California Budget Act of 2023, into the 2801 ECR affordable housing project.
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BACKGROUND:
The 2801 ECR Project is located at 2801 El Camino Real in the North Fair Oaks neighborhood of Unincorporated San Mateo County. This project is being developed by Alta Housing, and is to produce 51 units of new construction, affordable senior housing serving households with AMI levels between 20-50 percent.
On October 18, 2022 through Resolution 079257, the Board of Supervisors of the County of San Mateo awarded the 2801 ECR Project $391,666 as part of AHF 10.0.
Only July 10, 2023, the California Legislature Passed, and the Governor signed, Assembly Bill 102 (AB 102), otherwise known as the California Budget Act of 2023. AB 102 allocates $1,000,000 for use at the 2801 ECR Project.
DISCUSSION:
The County of San Mateo is the local jurisdiction for the 2801 ECR Project and shall receive the $1,000,000 in AB 102 funds allocated for 2801 ECR, to disburse to the project developer and borrower Alta Housing. A California Standard Agreement is necessary between the County of San Mateo and the State of California Department of Housing and Community Development to receive and disburse such funds to support the 2801 ECR affordable housing project.
FISCAL IMPACT:
The $1,000,000 in funds is provided by the State of California Department of Housing...
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