Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Raymond Hodges, Director of Department of Housing
Subject: Modification of Loan to Saint Francis Center for Acquisition of Casa de Sobrato
RECOMMENDATION:
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Adopt a resolution authorizing the Director of the Department of Housing or the Director's designee to execute amended loan documents for an existing loan in the amount of $4,000,000 made to Saint Francis Center of Redwood City for the acquisition of a 48-unit apartment building located at 180 Buckingham Avenue in North Fair Oaks (known as Casa de Sobrato), which would extend the term of the Affordability Covenant from 30 to 99 years and increase the number of units subject to the affordability covenant from 16 to 23 residential rental units in exchange for loan forgiveness upon the expiration of the Affordability Covenant.
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BACKGROUND:
Saint Francis Center of Redwood City ("Saint Francis Center") was founded in 1986 to provide food, clothing, and other essential services for working poor families. Since then, Saint Francis Center has expanded the scope of its basic services to include affordable housing for low-, very low-, and extremely low-income families to foster growth from dependency to interdependency.
In the fall of 2018, Saint Francis Center purchased a 48-unit apartment building in the North Fair Oaks neighborhood of the unincorporated County, located at 180 Buckingham Avenue (the "Property"), known as Casa de Sobrato, using conventional mortgage financing and private donations to convert existing market-rate rental units to permanent affordable rental housing units.
In March 2019, Saint Francis Center secured an acquisition reimbursement loan from the County's Affordable Rental Acquisition and Preservation Program ("ARAPP") fund in the amount of $4,000,000 at 0 percent interest with a maturity of 30 years (the "ARAPP Loan") approved by this Board on October 23, ...
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