Title
a. Approve subordination agreements that will place the County’s loan in a lower collateral position behind loans from the California Department of Housing & Community Development HOME and HOME ARP programs; and
b. Approve Amendment No. 2 to the Declaration of Affordability Covenants that will reduce the number of income restricted bedrooms for the project but results in more affordable units being available overall.
c. Authorize the Director of Housing and Community Development to sign two Subordination Agreements, and Amendment No. 2 to the Declaration of Affordability Covenants for Shelter Cove (City of Marina).
Body
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve subordination agreements that will place the County’s loan in a lower collateral position behind loans from the California Department of Housing & Community Development HOME and HOME ARP programs; and
b. Approve Amendment No. 2 to the Declaration of Affordability Covenants that will reduce the number of income restricted bedrooms for the project but results in more affordable units being available overall.
c. Authorize the Director of Housing and Community Development to sign two Subordination Agreements, and Amendment No. 2 to the Declaration of Affordability Covenants for Shelter Cove (City of Marina).
SUMMARY:
In 2005, the County provided a $100,000 loan to Interim, Inc. to construct Shelter Cove on the former Fort Ord. County funding for Shelter Cove required the provision of transitional housing for 32 very low-income and formally homeless individuals in multiple buildings on a 2.24-acre site. Interim, Inc. is proposing to demolish a building that would require a reduction in the number of required transitional beds from 32 to 30 and replacing it with the new 24-unit Marina Kai Apartments containing 23 studio units that will house 23 very low-income tenants who are homeless or at-risk of homelessness in permanent housing. The project also includes one reside...
Click here for full text