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Acting as the Board of Directors for the El Dorado County Public Housing Authority:
Supervisor Santiago requesting the Board consider the following regarding the 40-unit affordable workforce rental housing project known as Sunset Lane Apartments, proposed by Mercy Housing California 55, a California Limited Partnership, division of Mercy Housing California:
1) Authorize the Executive Director of the El Dorado County Public Housing Authority (EDCPHA), or successor, to execute the Loan Agreement, Promissory Note, Deed of Trust With Assignment of Rents, Subordination Agreement, escrow instructions and all other documents necessary to issue the loan to, service the loan for, and collect loan repayments from Mercy Housing California 55 for the development of the
Sunset Lane Apartments in Shingle Springs, California up to $1,400,000 under the California Housing Finance Authority Loan Agreement HELP-022607-02; and
2) Authorize the Auditor-Controller’s Office to process check requests and the Treasurer-Tax Collector to process wire transfers, if needed, to disburse funds which will be offset by corresponding amounts from the above loan grant. (Refer 3/6/12, Item 19) (Est. Time: 15 Min.)
FUNDING: California Housing Finance Authority Housing Enabled by Local Partnerships funds.
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Fiscal Impact/Change to Net County Cost: There is no County match requirement associated with the California Housing Finance Authority (CalHFA) Housing Enabled by Local Partnerships (HELP) funds. Staff time expenses will be met through General Fund Housing Element Implementation funds already budgeted for that purpose.
Background: On March 6, 2012, the El Dorado County Public Housing Authority (EDCPHA) brought this item before the Board to provide additional information and request direction from the Board. A motion was made by Supervisor Knight, seconded by Supervisor Briggs to approve the CalHFA HELP, HOME and CDBG (Legistar 12-0045, Agenda Item 20) loans subject to the fi...
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