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Consider recommendations regarding HOME Loan for Permanent Financing, College Park Apartments, Fourth District, as follows:
a) Authorize the Chair to execute a Loan Agreement with College Park Housing Associates, Limited Partnership, in the amount of $2,198,400, and a Regulatory Agreement for permanent financing of the College Park Apartments, located at 201-207 East College Street in the City of Lompoc, consistent with the terms and conditions detailed in this Board Letter and attachments;
b) Authorize the Chair of the Board of Supervisors to execute a forgivable loan in the amount of $50,000 with Lompoc Housing and Community Development Corporation (LHCDC), for financial assistance related to operations, administration and management of its portfolio of County-funded affordable housing units;
c) Approve the attached Budget Revision 2007227 that will increase the budget appropriation in Fund 0066 HOME Fund by $646,010 and by $98,368 in Fund 0065 Affordable Housing Fund for project costs, project administration costs, and operating expenses for College Park Apartments;
d) Find that the execution of the loan agreements referenced above is exempt from CEQA under CEQA Guideline Section 15301 because it concerns financing of an existing facility and direct the Clerk of the Board to post the Notice of Exemption; and
e) Find that the execution of the loan agreements referenced above is exempt from National Environmental Policy Act (NEPA) consideration, under Section 24 CFR 58.6 of the Code of Federal Regulations, of which the Determination of Exemption is incorporated into HCD's Environmental Review Record.
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