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80A - HOUSING AND SUBORDINATION LOANS
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09/17/2019
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80A - HOUSING AND SUBORDINATION LOANS
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Last modified
9/12/2019 6:11:12 PM
Creation date
9/12/2019 5:58:33 PM
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Template:
City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
80A
Date
9/17/2019
Destruction Year
2024
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Approve Affordable Housing Loans for the Rehabilitation of Cornerstone Apartments <br />September 17, 2019 <br />Page 7 <br />Program <br />Account <br />Amount <br />HOME <br />13018002-56901 <br />$134,014.11 <br />Tax Increment <br />60718002-56901 <br />$ 84,172.36 <br />Tax Increment/CHFA <br />60718002-56901 <br />$ 24,612.54 <br />Total <br />$242,799.01 <br />The above annual receipts provides the scope of the revenues to be deferred and resubordinated <br />by the City and Housing Authority as a result of the recommended actions. During the 2018-19 <br />fiscal year, Jamboree Housing did not make their annual residual repayment because of the <br />resyndication and their forthcoming loan payoff of $2,204,000. The City is not forgiving any of the <br />current debt or accrued interest, merely extending the term an additional 55 years. Jamboree is <br />also not receiving any new funds in support of the Project. <br />Steven A. Mendoza <br />Executive Director <br />Community Development Agency <br />APPROVED AS TTO` FUNDS AND ACCOUNTS: <br />Kathryn Dowfis, CPA Find r 3o el,�- <br />Executive Director E.4 1,01 iv <br />Finance and Management Services Agency <br />Exhibits: 1. Commitment Letter to Cornerstone Housing Partners LP c/o Jamboree Housing <br />Corporation <br />2. Analysis by Keyser Marston Associates <br />3. Amended and Restated HOME Loan Agreement <br />4. Amended and Restated Housing Successor Agency Loan Agreement <br />5. Subordination Agreement for the City's Amended and Restated HOME Loan <br />Agreement <br />6. Subordination Agreement for the Housing Authority's Amended and Restated <br />Housing Successor Agency Loan Agreement <br />7. List of City and Housing Authority Loans as of September 24, 2019 <br />80A-7 <br />
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