REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
August 6, 2019
FROM
GARY HALLEN, Director, Community Development and Housing
SUBJECT
Title
Approve HOME Loan Agreement with Waterman Gardens Partners 2, L.P. for the Arrowhead Grove Phase II Affordable Housing Project
End
RECOMMENDATION(S)
Recommendation
1. Approve HOME Loan Agreement and ancillary loan documents by and between the County of San Bernardino and Waterman Gardens Partners 2, L.P., with a term of 55 years and in a total amount not to exceed $2,900,000 for the construction of 147 affordable units in the Arrowhead Grove Phase II Affordable Housing Project.
2. Authorize the Chairman of the Board of Supervisors or the County Chief Executive Officer, upon consultation with County Counsel, to make modifications, execute, and deliver the HOME Loan Agreement and all ancillary documents required for the project financing, necessary to carry out the transaction, and mandatory to close the transaction.
3. Direct the Community Development and Housing Department Director to transmit all documents to the Clerk of the Board within 30 days of execution.
(Presenter: Gary Hallen, Director, 387-4411)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Promote the Countywide Vision.
Ensure Development of a Well-Planned, Balanced, and Sustainable County.
Pursue County Goals and Objectives by Working with Other Agencies.
FINANCIAL IMPACT
Approval of this item will not result in the use of any Discretionary General Funding (Net County Cost). The total project costs to construct 184 units of which 147 are affordable units, and required improvements is $79,561,750 of which it is recommended the County invest $2,900,000 of HOME Investment Partnership Program (HOME) funds towards the affordable development. Sufficient appropriation and revenue exists within the Community Housing Development (CDH) 2019-20 budget unit to fund the $2,900,000 ...
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