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4 - AMEND / RESTATE REGULATORY AMENDMENT_2018-12-18 (2)
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4 - AMEND / RESTATE REGULATORY AMENDMENT_2018-12-18 (2)
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City Clerk
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Community Development
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12/18/2018
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Approve Amended and Restated Bond Regulatory Agreement <br />December 18, 2018 <br />Page 2 <br />Associates I and the Housing Authority entered into an Amended and Restated Regulatory <br />Agreement, which included Fannie Mae -required provisions - these are contained in the Fannie <br />Mae rider and also incorporated throughout the regulatory agreement. The proposed amended <br />and restated regulatory agreement removes the Fannie Mae rider and all references thereto, and <br />adds a HUD form of rider. <br />In regards to the impact of this action on the affordability covenants for the project, in 2006 the <br />Bonds were refunded with Housing Authority 2006 Series B Bonds ($8,140,000) that put in place <br />an Amended and Restated Regulatory Agreement which extended the affordability covenants for <br />55 years until 2061. However, this action does not extend the affordability covenants for the <br />project. <br />In regards to the fiscal impact of this action on the Housing Auhtority, the City has no financial <br />investment in the property. Specifically, in 2012 the 2006 bond loan was refinanced with another <br />Fannie Mae loan. At that time the Housing Authority bonds were repaid in full. The Housing <br />Authority was receiving two types of issuer fees under the 2006 Amended and Restated <br />Regulatory Agreement. The base fee was paid as a lump sum with the 2012 closing. Therefore, <br />there is no fiscal impact on the Housing Authority with this request. <br />At the expense of the owner, the Housing Authority requested assistance from our bond counsel <br />at Orrick to review and analyze this request. Orrick agreed with the requested action and <br />prepared the Amended and Restated Regulatory Agreement for the Housing Authority. Staff had <br />initially requested a review by Keyser Marston Associates (KMA), but since there are no <br />provisions related to cash -out refinancings, KMA referred the matter to the City's bond counsel. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Strategic Plan Goal #4 Fiscal <br />Sustainability, Objective #1 (Maintain a stable, efficient and transparent financial environment). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />1_9_ <br />Judson Brown <br />Housing Division Manager <br />Community Development Agency <br />Exhibit 1. Amended and Restated Bond Regulatory Agreement <br />HYA <br />
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