Title
a. Approve and authorize the assignment and assumption of the HOME loan, made by the County of Monterey to Pacific Meadows Senior Housing, L.P. , from Pacific Meadows Senior Housing, L.P. as the withdrawing General Partner to the Housing Authority Limited Liability Company as the new General Partner; and
b. Approve and authorize the Housing and Community Development Director, or his designee, to execute the approved Assignment and Assumption Agreement.
Body
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve and authorize the assignment and assumption of the HOME loan, made by the County of Monterey to Pacific Meadows Senior Housing, L.P. , from Pacific Meadows Senior Housing, L.P. as the withdrawing General Partner to the Housing Authority Limited Liability Company as the new General Partner; and
b. Approve and authorize the Housing and Community Development Director, or his designee, to execute the approved Assignment and Assumption Agreement.
SUMMARY:
In 2007, the County funded the Pacific Meadows Senior Facility with HOME program income funds and grant funds. The HOME funds were lent to Pacific Meadows Senior Housing, L.P. to provide financing for 200 affordable units total. The affordable senior housing development is located in Carmel. The land is leased from the Housing Authority of the County of Monterey (HACM). HumanGood Affordable Housing manages the units.
DISCUSSION:
The Pacific Meadows project is located on Carmel Valley Road in Carmel Valley. It includes 200 senior housing units originally constructed by the Carmel Valley Limited Partnership using financing from a number of sources. The project is currently managed by HumanGood Affordable Housing under a ground lease with HAMC. The County initially issued a loan in 2007 to address serious structural deficiencies while preparing a master plan to rehabilitate the entire property. The loan documents were amended in 2010. There were three substantive changes...
Click here for full text