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Consider recommendations regarding a Subordination Agreement for Sandpiper Apartments, in the City of Goleta, Third District, as follows:
a) Approve the subordination of the Regulatory Agreement for the Sandpiper Apartments to a Loan Agreement, Promissory Note and Deed of Trust securing a Loan from Mid - State Bank and Trust to the Housing Authority of the County of Santa Barbara (Housing Authority) in order for the Housing Authority to refinance the property;
b) Authorize the Housing and Community Development Director to execute the Subordination Agreement with the Housing Authority for the benefit of Mid - State Bank and Trust.
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