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,~pwN of MEETING DATE: 6/21/10 <br />ITEM NO. <br />~~;, ~~ <br />f~ <br />~~ , <br />!ps °G~A:~pS <br />REDEVELOPMENT AGENCY AGENDA REPORT <br />DATE: June 15, 2010 <br />TO: CHAIR AND MEMBERS OF THE REDEVELOPMENT AGENCY <br />FROM: GREG CARSON, EXECUTIVE DIRECTOR ,~~~~G9~~``~ <br />SUBJECT: CONSIDER ADOPTING A RESOLUTION AUTHORIZING THE <br />EXECUTIVE DIRECTOR TO EXECUTE AN AGREEMENT BETWEEN THE <br />REDEVELOPMENT AGENCY AND THE HOUSING TRUST OF .SANTA <br />CLARA COUNTY PROVIDING CONTRIBUTIONS TO THE HOUSING <br />TRUST OF SANTA CLARA COUNTY <br />RECOMMENDATION: <br />1. Adopt the attached resolution (Attaclunent 1): <br />2. Authorizing the Executive Director to execute an agreement between the Redevelopment <br />Agency (RDA) and the Housing Trust of Santa Clara County (HTSCC) (Attachment 2), and <br />authorizing affordable housing contributions of $150.,000 for two .years ($300,000 total <br />contribution) to the HTSCC to leverage funding for developers of affordable housing <br />projects and to fund the First Time Home Buyer's Program within Los Gatos. <br />BACKGROUND: <br />The Housing Trust of Santa Clara County is apublic/private partnership dedicated to building and <br />sustaining a revolving loan fund and grant malting program that will complement and leverage other <br />housing resources throughout Silicon Valley. Major community, business and goverrnnent leaders <br />have joined together to address the gap between rapid new job creation and affordable, available <br />housing within Santa Clara County. <br />The Housing Trust Fund serves three purposes on an equal basis: <br />• Low interest down payment/closing costs for first time home buyers <br />• Gap financing for affordable rental housing projects <br />• Funds to assist the homeless in attaining stable housing <br />PREPARED BY: ~~~WENDIE ROONEY, <br />REDEVELOPMENT DEPUTY DIRECTOR <br />Reviewed by: i°'~_Deputy Director <br />~Comrnunity Development <br />Counsel Secretary ~c=_Finance <br />Revised: 6/15/10 3:09 PM <br />Reformatted: 5/30/02 <br />