AgdaPkt 2010-06-21 - Laserfiche WebLink

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6.2C PaQe 1 REPORT To the Honorable Redevelopment Agency Board From the Executive Director June 21,2010 SUBJECT Certificate of Completion for Lincoln Townhomes - Peninsula Habitat for Humanity RECOMMENDATION Approve, by Resolution, a Certificate of Completion for Lincoln Townhomes, and Authorize, by Motion. the Redevelopment Agency Executive Director to execute all documents pertaining thereto. BACKGROUND On March 14,2005, the Council and Agency Board approved, by Resolution No. 14631 and RD 05-03 respectively, a Disposition and Development Agreement (DDA) with Peninsula Habitat for Humanity (PHfH), now called Habitat for Humanity Greater Bay Area for the development of eight affordable ownership townhomes. The DDA stipulated that the Agency provide monetary assistance in the form of a development grant for the amount of $632,846.75 to be used for project development. On April 28, 2008 the Agency Board approved, by Resolution No. RD 08-04, Amendment No. 1 to the DDA to re-appropriate previously allocated funding from CDBG ($321,000) and HOME ($311,826.75) with Redevelopment Housing set-aside funds. The total development and construction cost was approximately $2,389.516.00. Redevelopment funds were used towards both site acquisition and construction; therefore. the ownership units are required to remain affordable for 45 years. The affordability covenants were recorded with the DDA and require that the units remain affordable to households earning 50% of the Area Median Income. The development grant is secured by a recorded DDA naming the City and Redevelopment Agency and their respective interests. In addition to the $632,846.75 grant for project development, the City and Agency also provided a land grant valued at $807,500. In addition the City and Agency assistance, PHfH received a Self Help Home Ownership (SHOP) grant as well as Affordable Housing Program (AHP) funds to ensure the units are affordable to households earning 500/0 of median income. The work was completed in May 2009 and the 8 units were sold to eligible families. PHfH was successful in identifying an eligible disabled household for the wheelchair accessible unit. PHfH has provided copies of all recorded Notices of Completion for the project evidencing completion and release of liens. The DDA provides for the Redevelopment Agency to issue a Certificate of Completion after the improvements have been completed and all of the terms of the DDA have been met. No further action is required by the City, per the DDA. The Certificate of Completion is now being submitted for Agency approval.