CDC - Agenda 4-22-08Public Comment from the AudiP!e
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Rosemead
Community
Development
Commission
AGENDA
April 22, 2008
6:00 PM
Rosemead Community Recreation Center
3936 N. Muscatel Avenue, Rosemead, California 91770.
John Tran, Chairman
John Nunez, Vice-Chairman
Margaret Clark, Commissioner
Polly Low, Commissioner
Gary Taylor, Commissioner
ROSEMEAD COMMUNITYYEVELOPMENT COMMISSION 0 April 22, 2008
• CALL TO ORDER - 6:00 PM
• PLEDGE OF ALLEGIANCE -Commissioner Low
• INVOCATION - Commissioner Taylor
• ROLL CALL -Commissioners Clark, Low, Taylor, Vice-Chairman Nunez, Chairman Tran
1. PUBLIC COMMENTS FROM THE AUDIENCE
(Community Development Commission matters only)
2. CONSENT CALENDAR
A. Minutes
March 25, 2008 - Regular Meeting
April 8, 2008 - Regular Meeting
B. Resolution No. 2008.12 Claims and Demands
Recommendation: Adopt Resolution No. 2008-12 for payment of Commission
expenditures in the amount of $57,394.98 demands no. 8217 through 8221 and 9355
through 9362.
3. MATTERS FROM THE CHAIRMAN & COMMISSIONERS
4. MATTERS FROM THE EXECUTIVE DIRECTOR & STAFF
A. Acquisition of 9331 Glendon Way, Rosemead
On October 9, 2007, City Council entered into an Agreement with Rio Hondo Community
Development Corporation (RHCDC) for the production of affordable housing using the
15% CHDO set-aside funding as required under the Home Investment Partnerships
(HOME) entitlement grant. Since then, the City has been working with RHCDC to locate a
property suitable for affordable housing. Recently, a single-family home located at 9331
Glendon Way in the City of Rosemead became available for sale with an asking price of
$450,00.00. We were one of several offers made on the property and the owner selected
RHCDC's offer of $445,000.00. In addition to the $445,000.00, RHCDC would be required
to pay approximately $7,899.00 in related soft costs and closing costs, and is in need of
$5,000.00 for some cosmetic improvements upon acquiring the property. Therefore, the
total amount needed would be $457,899.00 , pending funding approval of a 0% deferred
payment loan by the city Council in the amount of $214,615.00 from the HOME CHDO
Set-Aside Fund and a 0% forgivable loan by the Rosemead Community Development
Commission of $ 243,284.00 from the Low and Moderate Income Housing Fund.
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ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION April 22, 2008
The unit would be restricted as a rental property for a low - to - moderate income
household and be subject to a 55 year affordability covenant. The property currently
contains a 1, 259 square foot, three-bedroom, two bathrooms, single-family residence,
built in 1961 on a 6,046 square foot, R-1 zoned lot.
Recommendation: That the Rosemead Community Development Commission approve a
0% deferred payment loan in the amount of $243,284.00 funded by the Redevelopment
Low and Moderate Income Housing Fund to the Rio Hondo Community Development
Corporation for the purchase of the property located at 9331 Glendon Way and approve
and authorize the Chairman to enter into all related documents including the Regulatory
Agreements. The loan would be forgivable in year 55 if all conditions of the agreements
are met.
5. ADJOURNMENT
The next Community Development Commission meeting will take place on May 13, 2008
at 6:00 pm.
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