Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Raymond Hodges, Director, Department of Housing
Subject: Oceana Terrace Senior Housing Project - Loan Modification
RECOMMENDATION:
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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, an agreement to assign certain Community Development Block Grant and HOME Investment Partnerships loan agreements and associated documents, dated in 1993 and 1994, from Oceana Senior Housing Corporation to Mercy Housing California 121, L.P.; 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 Community Development Block Grant and HOME Investment Partnerships loan agreement and associated documents to provide a restated loan balance, promissory notes, deeds of trust and regulatory agreement to ensure continued affordability of the project in connection with its acquisition and rehabilitation by Mercy Housing California 121, L.P.; and
C) Authorizing and directing the Director of the Department of Housing, or designee, to negotiate and execute, in consultation with the County Attorney, all documents, agreements, certificates, extensions and instruments as necessary to facilitate the closing of the transaction, to provide the amended and restated loan documents, and to effectuate the purposes of this resolution.
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BACKGROUND:
A. Prior Board Authorizations and Loans Relating to the Oceana Senior Housing Project
In the 1990s, this Board adopted resolutions to provide funding for the development of what came to be known as the Oceana Terrace Senior Housing project in Pacifica.
On March 30, 1993, pursuant to this Board's authorization under Resolution No. 57002, the County entered into a loan agreement with ...
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