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Commissioner Wiest asked how this delay would impact other financing. Mr. Reyes <br />replied there approximately $3 million has already been committed. However, there is <br />some concern regarding the impact ora delay on the funds that they are still seeking. <br /> <br />Commissioner Wiest asked staff if HOME funds are committed to this project, and if <br />there are continued delays, what effect there might be on applicable HOME program <br />deadlines. Scott Erickson replied there are deadlines but they are not as critical as CDBG <br />deadlines because the City is part of the Alameda HOME Consortium. Therefore, the <br />issue is how fast the Consortium as whole uses its HOME funds, and this is not <br />anticipated to be a significant concern. He added that the situation would be monitored. <br /> <br />Mr. Reyes indicated that one reassurance he could give the Commission is that the City <br />of Livermore just approved $2.2 million toward the project. <br /> <br />Chairperson Stark asked when were they anticipating taking their application to the state <br />for approval of tax credits. Mr. Reyes replied that they intend to first present the <br />application to the state in a few months. The then intend to submit a formal application <br />in the fall. <br /> <br />Chairperson Stark asked if the HOME funds allocation would be in the form or a grant or <br />a loan. Mr. Reyes replied that it would be a loan. <br /> <br />Mr. Erickson discussed restrictions on how HOME Funds can be used. The funding <br />would go toward construction costs. <br /> <br />Chairperson Stark asked whether or not this project would help Pleasanton in its progress <br />toward meeting its regional housing needs obligation since it is not located within the <br />municipal boundaries of the City of Pleasanton. Mr. Erickson replied that the City could <br />not count the units toward its regional housing need. This issue was discussed. <br /> <br />Chairperson Stark summarized the item. He indicated that there is a staff <br />recommendation to allocate the remaining CBDG capital funds to the GRID Alternatives <br />project and to allocate $50,000 in HOME funds to Allied Housing's Carmen Avenue <br />project in Livermore. <br /> <br /> It was moved by Vice Chairperson Harris, seconded by Commissioner Jones, to <br /> accept staff's recommendation. Motion carried unanimously. <br /> <br /> Chairperson Stark asked Mr. Reyes to keep staff apprised of the lawsuit. <br /> <br /> Page - 3 - <br /> <br /> <br />