Title
a. Approve the transfer of interest from Salinas Road Associates, a California Limited Partner, L.P. (the "Partnership") to Baywood Apartments, Inc., a California nonprofit public benefit corporation, that is purchasing the entire interest of the Partnership's limited partner, NEF Assignment Corporation's Limited Partnership, in connection with the Nuevo Amanecer Apartments in Pajaro; and
b. Authorize staff to provide written notification to the California Tax Credit Allocation Committee ("TCAC") and undertake any other actions necessary to effect this.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve the transfer of interest from Salinas Road Associates, a California Limited Partner, L.P. (the "Partnership") to Baywood Apartments, Inc., a California nonprofit public benefit corporation, that is purchasing the entire interest of the Partnership's limited partner, NEF Assignment Corporation's Limited Partnership, in connection with the Nuevo Amanecer Apartments in Pajaro; and
b. Authorize staff to provide written notification to the California Tax Credit Allocation Committee ("TCAC") and undertake any other actions necessary to effect this.
SUMMARY/DISCUSSION:
On June 7, 2005, the County of Monterey made a HOME loan in the amount of $3,400,000 to Salinas Road Associates, a California Limited Partnership, whose General Partner was South County Housing Corporation (SCHC) to construct the Nuevo Amanecer Apartments in Pajaro. The loan was made to assist the construction of 26 of 63 units of housing affordable to low- and very-low income households. The Limited Partner is now ready to exit the partnership and sell its entire interest in the partnership to an affiliate of Eden Housing, Baywood Apartments, Inc.
On June 7, 2005, the County of Monterey made a HOME loan in the amount of $3,400,000 to Salinas Road Associates. Section 4.14 (b) of the HOME Loan Agreement states:
"No Transfer shall be permitted without the prior...
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