Title
a. Approve the security documents related to the County of Monterey's 2002 HOME loan with a balance of $170,861.94 and CDBG loan with a balance of $10,500 to the Housing Authority of the County of Monterey (HACM) which are now being assumed by the Monterey County Housing Authority Development Corporation (HDC); and
b. Authorize the Economic Development Department Director to execute the Allonge to Promissory Note (HOME loan) dated April 2, 2002, Amendment to HOME Loan and Regulatory Agreement, Allonge to Promissory Note (CDBG Loan) dated May 23, 2002, Amendment to CDBG Loan and Regulatory Agreement, Assignment, Assumption and Release Agreement, Subordination Agreement (to conventional first loan and USDA loans), including minor changes thereto, contingent upon approval by County Counsel as to form and legality, required to finalize the project financing closing.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve the security documents related to the County of Monterey's 2002 HOME loan with a balance of $170,861.94 and CDBG loan with a balance of $10,500 to the Housing Authority of the County of Monterey (HACM) which are now being assumed by the Monterey County Housing Authority Development Corporation (HDC); and
b. Authorize the Economic Development Department Director to execute the Allonge to Promissory Note (HOME loan) dated April 2, 2002, Amendment to HOME Loan and Regulatory Agreement, Allonge to Promissory Note (CDBG Loan) dated May 23, 2002, Amendment to CDBG Loan and Regulatory Agreement, Assignment, Assumption and Release Agreement, Subordination Agreement (to conventional first loan and USDA loans), including minor changes thereto, contingent upon approval by County Counsel as to form and legality, required to finalize the project financing closing.
SUMMARY:
In 1972, the Housing Authority of Monterey County (HACM) constructed 48 units of farmworker housing on two sites in Castroville. In 2002, the County made t...
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