File #: 25-01092    Version: 1
Type: Administrative Item Status: Agenda Ready
File created: 12/5/2025 In control: BOARD OF SUPERVISORS
On agenda: 12/16/2025 Final action:
Title: Consider recommendations regarding a County HOME Loan to Hollister Lofts L.P., for a Permanent Supportive Housing Development Project, Second District, as follows: a) Approve and authorize the Chair of the Board of Supervisors to execute a County HOME Funding Loan Agreement; and Regulatory Agreement; setting forth terms, conditions and requirements for Hollister Lofts, L.P. (Owner), acceptance of the County Loan; b) Approve and authorize the Chair of the Board of Supervisors to execute a Subordination Agreement, wherein the County agrees to Subordinate its HOME loan to a Construction Loan provided by Banc of California (Construction Loan); c) Approve and authorize the Chair of the Board of Supervisors to execute a Subordination Agreement, wherein the County agrees to subordinate its County Land Loan Agreement (Land Loan), to the Construction Loan; and d) Determine that the approval of this Item is not subject to environmental review under the California Environmental Quality Act...
Sponsors: COMMUNITY SERVICES DEPARTMENT
Attachments: 1. Board Letter, 2. Attachment A - HOME Hollister Lofts Loan Agreement, 3. Attachment B - HOME Hollister Lofts Regulatory Agreement, 4. Attachment C - HOME Hollister Lofts Deed of Trust, 5. Attachment D - HOME Hollister Lofts Promissory Note, 6. Attachment E - HOME Hollister Lofts Loan Banc of California Subordination Agreement, 7. Attachment F - County Land Loan Hollister Lofts Subordination Agreement, 8. Attachment G - County Land Loan Agreement, 9. Attachment H - County Land Loan Regulatory Agreement
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Title

Consider recommendations regarding a County HOME Loan to Hollister Lofts L.P., for a Permanent Supportive Housing Development Project, Second District, as follows:

 

a) Approve and authorize the Chair of the Board of Supervisors to execute a County HOME Funding Loan Agreement; and Regulatory Agreement; setting forth terms, conditions and requirements for Hollister Lofts, L.P. (Owner), acceptance of the County Loan;

 

b) Approve and authorize the Chair of the Board of Supervisors to execute a Subordination Agreement, wherein the County agrees to Subordinate its HOME loan to a Construction Loan provided by Banc of California (Construction Loan);

 

c) Approve and authorize the Chair of the Board of Supervisors to execute a Subordination Agreement, wherein the County agrees to subordinate its County Land Loan Agreement (Land Loan), to the Construction Loan; and

 

d) Determine that the approval of this Item is not subject to environmental review under the California Environmental Quality Act (CEQA) pursuant to California Government Code Section 65913.4 as it being developed “by right” subject to AB2162 and provides affordable permanent supportive rental housing.