TO: Board of Supervisors
FROM: Minh C. Tran, County Executive Officer
REPORT BY: Jennifer Palmer, Director of Housing & Homeless Services
SUBJECT: Project Homekey Round 2 Loan Request
RECOMMENDATION
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SUPPLEMENTAL ITEM
Director of Housing and Homeless Services and County Executive Officer request discussion and direction regarding a proposal by Burbank Housing to develop supportive and affordable permanent housing at the Wine Valley Lodge facility for individuals experiencing or at-risk of experiencing homelessness that would require the following uses of American Rescue Plan Act Funds and Affordable Housing Trust Funds if a Project Homekey Round 2 Application is approved:
1. Approval of a loan to Burbank Housing in the amount of $2 million from the State and Local Fiscal Recovery Fund - American Rescue Plan Act allocation to be used for capital costs of acquisition and development of Wine Valley Lodge through a Project Homekey Round 2 grant award;
2. Approval of a Fund Balance Assignment of $2 million in State and Local Fiscal Recovery Fund (Fund 2460 - Subdivision 1020050), for the capital acquisition loan;
3. Approval of a loan to Burbank Housing of an amount not to exceed $2 million from the Affordable Housing Trust Fund to serve as a guarantee for a Capitalized Operating Subsidy Reserve as required by the Project Homekey Round 2 grant application; and
4. Approval of a Fund Balance Assignment of $2 million of Affordable Housing Trust Fund (Fund 2080 - Subdivision 2080010), for the operating subsidy loan guarantee.
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EXECUTIVE SUMMARY
Project Homekey ("Homekey") is a State program whose purpose is to expand the inventory of housing available for individuals at-risk of or experiencing homelessness. Homekey provides funds to state, regional, and local public entities to support the development of a broad range of housing types, and to convert commercial properties and other existing buildings to Permanent or Interim Housing. Project Homekey Round 2 ("...
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