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04
City of Pleasanton
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2008
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12/10/2008 4:43:51 PM
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CITY CLERK
CITY CLERK - TYPE
STAFF REPORTS
DOCUMENT DATE
12/16/2008
DESTRUCT DATE
15 Y
DOCUMENT NO
04
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interest. Therefore, the agency would have monthly debt service of approximately $99/month <br />for 20 years (unless the loan is paid off earlier). Although the City would be the funding source <br />for the DPA loan, the funds would not come from the City's federal HOME grant (but rather <br />from the Lower Income Housing Fund), and HOUSE, Inc., would be making regular payments <br />on the loan as soon as the transaction is closed. <br />As stated earlier, staff believes that these additional modifications address the concerns <br />expressed by the Commission at the October meeting while still maintaining the basic concept <br />approved by the Commission. <br />In addition to the modified financing concept, staff is providing the detailed fmancial and <br />"application" materials that were requested by the Commission at the August meeting. [These <br />items were not provided at the October meeting due to the presentation of a significantly revised <br />concept to purchase the below-mazket priced PHAP home.] The attached information includes <br />the items that are required when an agency applies to the City for funding through the City's <br />federal grant programs (e.g., HOME and/or CDBG). Staff believes that this information further <br />demonstrates the agency's depth of experience and commitment to its mission of providing <br />housing for a special needs population through a unique and successful grass roots model. <br />In addition to the application information, staff has included a draft sample contract for HOME <br />funds and a sample promissory note and deed of trust. The draft contract is based on the model <br />used for past allocation of HOME and CDBG funds (approved by HUD and Alameda County). <br />The promissory note and deed are based on the documents utilized in the 2006 purchase by <br />HOUSE, Inc., of its most recently purchased property on Tanager Drive. The terms of the <br />promissory note state that, in the event the property is sold in the future, the City will receive a <br />portion of any equity equivalent to the percentage of City funds in the total financing package. <br />While HOUSE, Inc., has expressed that its priority is to retain the home, the promissory note <br />secures the City's investment and provides the potential for a return in the event of a future sale. <br />Prior to submission to the City Council, staff, including the law department, will review the <br />documents to address current requirements and any inclusions requested by the Commission. <br />STAFF RECOMMENDATION <br />Staff recommends that the Commission recommend that the City Council approve the sale of a <br />below-mazket home to HOUSE, Inc., for the purpose of providing additional housing units for <br />developmentally disabled adults, and approve a loan in the amount of $195,000 from City <br />HOME funds to assist with the purchase. <br />In addition, staff recommends that the Commission indicate whether or not HOUSE, Inc., <br />should also pursue a loan through the City's Down Payment Assistance program (either to <br />reduce the amount of the HOME loan or the amount of the agency's down payment). The <br />Page - 3 - <br />
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