CITY COUNCIL AGENDA ITEM NO. 37
Meeting Date: February 13, 2001
Subject/Title: Support for Sycamore Place II
Submitted by: Jon Elam, City Manager
Approved by: Jon Elam, City Manager
Authorize the City Attorney to prepare an agreement with Christian Church Homes that provide $454,699 of R.D.A Housing set aside funds, to support the construction of 41 units of housing for the low-income elderly.
The City of Brentwood using R.D.A housing funds constituted $464,550 as a partner with HUD and Contra Costa County for the construction of the Sycamore Place Apartments in 1995.
The collateral for the funds would include the recording of an agreement making the RDA’s contribution a second mortgage that would be repaid to the City if the building was sold or refinanced.
There remains a strong demand for this type of housing in the community. Presently, Sycamore Place Apartments has a waiting list of 54 people. Attached is a background piece on this proposal. The R.D.A. funding is only necessary if the project receives the necessary HUD and Contra Costa County funding. Application for that funding would be submitted later this spring. If the funding is received, construction would be expected in 2002-03.
The R.D.A. presently has the necessary funding to support this request.