Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Raymond Hodges, Director, Department of Housing
Subject: Visitacion Gardens Project - Loan Modification
RECOMMENDATION:
title
Adopt a resolution:
A) Authorizing and directing the Director of the Department of Housing, or designee, to negotiate and execute, in consultation with the County Attorney, such documents necessary to assign the County's HOME Investment Partnerships Program loan agreement and related documents with BRIDGE Housing Corporation and/or Bridge Senior Housing, Inc. in the amount of $175,000, dated in August 1998, to Housing Endowment and Regional Trust of Silicon Valley (HEART-SV) in connection with HEART-SV's anticipated lease and operation of the Visitacion Gardens Senior Housing Project; and
B) Authorizing and directing the Director of the Department of Housing, or designee, to negotiate and execute, in consultation with the County Attorney, an amended and restated County HOME Investment Partnerships loan agreement and associated documents with HEART-SV to restate the outstanding loan balance to $227,436, including forgiveness of accrued interest, extend the term to 55 years, and amend and reinstate affordability restrictions ensuring continued affordability for five (5) restricted units at the Project, and make such other amendments; and
C) Approving and authorizing the forgiveness of a portion of the accrued interest on the County's HOME Investment Partnerships Program loan in an amount necessary to restate the outstanding loan balance at $227,436 as of the closing of the restated loan and lease transaction; and
D) Authorizing the Director of the Department of Housing, or designee, to terminate the Memorandum of Understanding with the City of Brisbane, and BRIDGE Housing Corporation or assignee, dated March 1, 2001 and to negotiate and execute, in consultation with the County Attorney, an amended and restated Memora...
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