Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Raymond Hodges, Director of Department of Housing
Subject: Measure K: Approve and ratify Assignment and Assumption Agreement and Amendment to Certain Loan Documents to increase loan amount and assign obligations to property owner for Farm Labor Housing
RECOMMENDATION:
title
Measure K: Adopt a resolution approving and ratifying:
A) Assignment and Assumption Agreement and Amendment to Certain Loan Documents between the County of San Mateo, Highway 92 Succulents, Inc and Therese Ambrosi Smith, dated October 11, 2023 to assign the borrower's obligations to Ms. Smith as property owner, increase the loan amount by $100,000 to a total of $400,000 and make other amendments; and
B) Amended Declaration of Affordability Covenant executed by Therese Ambrosi Smith and dated October 11, 2023; and
C) Amended Deed of Trust and Assignment of Rents executed by Therese Ambrosi Smith and dated October 11, 2023.
body
BACKGROUND:
Since 2014, this Board has allocated funds for initiatives to address the need for agricultural workforce housing, including the commissioning of an Agricultural Workforce Housing Needs Assessment and the implementation of the Farm Labor Housing Pilot Program - a loan program to repair or replace existing, or create new, agricultural workforce housing (the "Program").
The Agricultural Workforce Housing Needs Assessment, completed in 2016, identified the need for over 1,000 new housing units for the agricultural workforce. Considering this information, in January 2017 and in 2022, the County expanded the Program to support construction of new housing, new mobile home units, and updated the program guidelines. The Program is now funded by revenues generated by Measure K, the 1/2 cent sales tax in effect in the County.
In January 2017, under Phase III of the Program, the County provided loans of up to $150,000 for each new unit ("P...
Click here for full text