Title
Recommendation to Authorize the City Manager to Negotiate and Execute a Loan Agreement and Related Documents with Island City Development (ICD) for HOME Partnership Investment Program (HOME) Funds in the amount of $248,740 at 3% Simple Interest for the Del Monte Senior Housing Project and Appropriate $53,537 in HOME Program Income. (Community Development 481005)
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To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Recommendation to Authorize the City Manager to Negotiate and Execute a Loan Agreement and Related Documents with Island City Development (ICD) for HOME Partnership Investment Program (HOME) Funds in the amount of $248,740 at 3% Simple Interest for the Del Monte Senior Housing Project and Appropriate $53,537 in HOME Program Income
BACKGROUND
The City is one of eight members of the Alameda County HOME Consortium. The Alameda County Housing and Community Development Department is the lead agency for the Consortium. The cities of Alameda, Fremont, Hayward, Livermore, Pleasanton, San Leandro, Union City and the Urban County are all members of the Consortium. Together, this group receives and shares an annual allocation of federal HOME Investment Partnership Program funds (HOME) from the Department of Housing and Urban Development (HUD). The 2016 allocation for the Alameda County HOME Consortium is $2,178,668. The City of Alameda currently has $248,740 of HOME Funds available for a housing development project. These funds are a combination of its annual allocation of HOME monies, program income from prior years and re-programmed funds.
To receive HUD funding each year, the City of Alameda, in conjunction with the Alameda County HOME Consortium, must complete a five-year strategic plan called a Consolidated Plan. The Consolidated Plan was approved by the City Council in May 2015. Each year, the City of Alameda must write an Action Plan, outlining specific projects and funding resources that will ...
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