Title
Chief Administrative Office, Housing, Community and Economic Development Programs, recommending the Board, acting as the Board of Directors for the El Dorado County Public Housing Authority consider the following:
1) Approve request for Assumption and Assignment Agreement for CalHFA HELP Loan 022607-02 to transfer loan from Mercy Housing California to Mercy Housing California 55 for the Sunset Lane/Trailside Terrace Apartments in Shingle Springs, California; and
2) Authorize the Assistant Chief Administrative Officer, acting as the authorized official of the El Dorado County Public Housing Authority, to execute the documents necessary for the transfer.
FUNDING: California Housing Finance Authority Housing Enabled by Local Partnerships Funds.
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Fiscal Impact/Change to Net County Cost
No fiscal impact, no change to Net County Cost. The loan was approved for Mercy Housing California in 2009 and all funds have been disbursed per the terms of the agreement. This item reassigns the loan to Mercy Housing California 55, a California Limited Partnership formed by Mercy Housing California to develop the Sunset Lane/Trailside Terrace Apartments project.
Background
The Chief Administrative Office, Housing Community and Economic Development Programs, on behalf of the El Dorado County Public Housing Authority (PHA), recommending the Board approve a request from Mercy Housing California to transfer a California Housing Finance Authority (CalHFA) Housing Enabled by Local Partnerships (HELP) loan from Mercy Housing California (Mercy) to Mercy Housing California 55 (MHC55).
On December 29, 2009, a loan agreement between the PHA and Mercy was executed for a $100,000 pre-development loan from the California Housing Finance Authority (CalHFA) Housing Enabled by Local Partnerships (HELP) funds for the Sunset Lane Apartments project, a 40-unit affordable rental housing project, now called the Trailside Terrace Apartments. The terms of the loan agreement are 3.5 percent...
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