Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Ken Cole, Director
Subject: Participation in HUD Public Offering to refinance existing Section 108 Loan for Trestle Glen Apartments at El Camino Village
RECOMMENDATION:
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Adopt a resolution authorizing:
A) The Director of the Department of Housing, or his duly authorized agent, to notify the U.S. Department of Housing and Urban Development (HUD) of the County of San Mateo's desire to participate in the February 2019 public offering by HUD through the Loan Guarantee Assistance Program under Section 108 of the Housing and Community Development Act of 1974 (Section 108), as amended, for the existing obligation B-06-UC-06-0006 in the original principal amount of $7,145,000 and to refinance the original principal amount of $7,145,000 at such rates of interest that will be determined by HUD at the time of the Public Offering; and
B) The Director of the Department of Housing, or his duly authorized agent, to execute the necessary documents as required by HUD to refinance the existing guaranteed Section 108 note and to execute such other documents, contracts, amendments and agreements with HUD, and to authorize payment of any required fees, as may be necessary to effectuate this refinancing transaction.
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BACKGROUND:
On February 26, 2008, the Department of Housing ("DOH") entered into a Contract for Loan Guarantee Assistance, as a borrower, with the U.S. Department of Housing and Urban Development ("HUD") pursuant to Section 108 of Title I of the Housing and Community Development Act of 1974 (the "Section 108 Loan"). DOH executed a promissory note (loan number B-06-UC-06-0006) in the amount of $7,145,000 for the development of Trestle Glen Apartments at El Camino Transit Village (the "DOH Section 108 Note").
The Section 108 Loan is currently in good standing and has an outstanding balance of $4,345,000. On November 27, 2018, H...
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