SR-01-26-1988-RA2
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JAN 2 6 198&
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CjED:HSG:JG:HP
Redevelopment Agency Meeting 1/26/88
Santa Monica, California
TO:
Chairperson and Redevelopment Agency
FROB:
Redevelopment Agency Staff
SUBJECT:
Recommendation to Appropriate Loan Repayment Funds to
the City-Wide Housing Acquisition and Rehabilitation
Program (CHARP)
INTRODUCTION
This report recommends that funds recently received by the Agency
from Community corporation of Santa Monica (CCSM) in repayment of
previous Agency loans be appropriated to the City-wide Housing
Acquisition and Rehabilitation Program (CHARP) as required in
accordance with the resolutions adopted by the Agency.
BACKGROUND
Under the CHARP Program Guidelines, both long-term and short-term
loans may be made to eligible projects for property acquisition
and construction costs. Loan requests are reviewed and approved
administratively.
~he Agency loaned community Corporation of
Santa Monica (CCSM) a total of $325,736 from CHARP to acquire the
property at 2407 4th Street and to pay eligible development
costs.
DISCUSSION
The affordable housing development at 2407 4th Street has been
completed and the Agency's loans, inel uding accrued interest,
have been fully repaid in the amount of $385,397.52. According
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JAN 2 6 1988
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to the Agency resolutions establishing CHARP as a Housing Trust
Fund, all loan proceeds and interest earnings must return to the
Fund to be used to develop further affordable housing.
It is
necessary to appropriate the repaid funds to CHARP at this time
so that projects which have received prellmlnary loan commitments
may be funded.
FINANCIAL/BUDGETARY IMPACT
The Agency appropriations recommended in this report would in-
crease the budget in the following CHARP accounts as indicated:
16-720-264-000-942
18-720-264-128-9~2
18-720-264-129-942
01-720-264-000-942
$186,000.00
$127,020.00
$46,980.00
$25,397.52
$385,397.52
TOTAL
No other financial or budgetary actions are required.
RECOMMENDATION
It is recommended that the Redevelopment Agency appropriate the
Agency loan repayment of $383,397.52 from Community Corporation
of Santa Monica to the following accounts:
16-720-264-000-942
18-720-264-128-942
18-720-264-129-942
01-720-264-000-942
$186,000.00
$127,020.00
$46,980.00
$25,397.52
$385,397.52
TOTAL
Prepared by:
Jack Gardner, Senior Development Analyst
Candy Rupp, Housing Program Manager
Department of Community & Economic Development
:charpfnd
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