File #: 2004-0430    Version:
Type: Ordinance Status: Passed
File created: 9/7/2004 In control: Budget and Fiscal Management Committee
On agenda: Final action: 9/27/2004
Enactment date: 10/7/2004 Enactment #: 15021
Title: AN ORDINANCE relating to interim use of the community development block grant (CDBG) fund to provide a short-term loan to an experienced affordable housing developer to purchase and develop land which will provide home ownership opportunities for low/moderate income persons and authorizing the King County executive to enter into loan agreements necessary to effect the project, and if required, authorizing the King County executive to enter into agreements to transfer title of property in a negotiated sale to an experienced affordable housing developer.
Sponsors: Larry Gossett
Indexes: Community Development Block Grant, Housing
Attachments: 1. Ordinance 15021.pdf, 2. 2004-0430 Revised Staff Report 09-27-04, 3. 2004-0430 Fiscal Note - Fund 2460 - $1,750,000.doc, 4. 2004-0430 Fiscal Note - Fund 2460 - $4,000,000.doc, 5. 2004-0430 Staff Report 09-23-04, 6. 2004-0430 Transmittal Letter.doc, 7. A. Legal Description
Drafter
Clerk 09/23/2004
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AN ORDINANCE relating to interim use of the community development block grant (CDBG) fund to provide a short-term loan to an experienced affordable housing developer to purchase and develop land which will provide home ownership opportunities for low/moderate income persons and authorizing the King County executive to enter into loan agreements necessary to effect the project, and if required, authorizing the King County executive to enter into agreements to transfer title of property in a negotiated sale to an experienced affordable housing developer.
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BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings: The council hereby makes the following findings of fact.
A. In 1998, the Department of Community and Human Services previously awarded HOME funds for the acquisition of Brooks Village property and executed various agreements with the purchaser for the development of affordable housing for home ownership. The acquisition of the property was funded completely with federal HOME funds.
B. The current owner of the property may be unable to complete construction of affordable housing and has entered into negotiations with the executive concerning the affordable housing project.
C. As a result of these negotiations, the owner may agree to deed the property to King County.
D. If the property owner agrees to deed the property to King County, the executive has recommended that the property be transferred to an experienced developer of affordable housing capable of completing the development affordable housing on the property.
E. Because the Brooks Village property was purchased with federal HOME funds, if affordable housing is not constructed on the property, federal HOME regulations would require that any proceeds from the sale of the property be returned to the HOME fund to be used for affordable housing.
F. Based on these facts and in accordance with K.C.C. 4.56.100, the council finds that...

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