Title
a. Approve an Assignment and Assumption Agreement for Lots M2.14 and M2.15 of Tract No. 1519, Pursuant to the Disposition and Development Agreement and Agency Deed, East Garrison Project by and among UCP and CHISPA for the Phase Two Rental Affordable Housing Development; and
b. Authorize the Director of the Housing and Community Development Department to sign the Assignment and Assumption Agreement.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve an Assignment and Assumption Agreement for Lots M2.14 and M2.15 of Tract No. 1519, Pursuant to the Disposition and Development Agreement and Agency Deed, East Garrison Project by and among UCP and CHISPA for the Phase Two Rental Affordable Housing Development; and
b. Authorize the Director of the Housing and Community Development Department to sign the Assignment and Assumption Agreement.
SUMMARY/DISCUSSION:
Community Housing Improvement and Planning Associates, Inc. (CHISPA) is the non-profit developer selected for the Phase Two Rental Affordable Housing Project (Project). The Project consists of 65 affordable rental units - 29 very low and 36 low-income - plus one non-income restricted manager's unit. Pursuant to the Memorandum of Disposition and Development Agreement (DDA) by and between the Redevelopment Agency of the County of Monterey (now Successor Agency, referred hereto as Agency) and the developer (now UCP East Garrison, LLC, referred hereto as UCP) for the development at East Garrison, UCP entered into a Memorandum of Agreement (MOA) with CHISPA on January 16, 2007, to: 1) designate and obtain approval of CHISPA as the non-profit developer to build the 65 very low and low-income units Phase 2; 2) set forth obligations prior to entering into a Purchase Agreement and Assignment and Assumption Agreement; and 3) provide for development of basic business terms to be elaborated in the Rental Affordable Housing Financing and Budget referenced in the Purchase Agreement (MOA ...
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