File #: 08-00462    Version: 1
Type: Agenda Item Status: Passed
File created: 5/9/2008 In control: BOARD OF SUPERVISORS
On agenda: 5/20/2008 Final action: 5/20/2008
Title: Consider recommendations regarding Good Samaritan Shelters, Recovery Way Home Loan Agreement, Fourth District, as follows: (4/5 Vote Required) a) Approve the commitment of $75,000 in HOME funds for acquisition and financing costs associated with the Recovery Way Home transitional housing project; b) Approve and authorize the Chair to execute a Loan Agreement in the total amount of $75,000, and Regulatory Agreement, for acquisition of the project; c) Approve a Budget Revision, to account for the disbursement of $75,000 to the Recovery Way Home escrow account; and d) Authorize the Director of Housing and Community to execute additional Subordination Agreements for this loan that are consistent with the Loan Agreement.
Sponsors: HOUSING AND COMMUNITY DEVELOPMENT
Attachments: 1. Board Letter, 2. Attachment A, 3. Attachment B, 4. Attachment C, 5. Promissory Note updated
Title
Consider recommendations regarding Good Samaritan Shelters, Recovery Way Home Loan Agreement, Fourth District, as follows: (4/5 Vote Required)
 
a) Approve the commitment of $75,000 in HOME funds for acquisition and financing costs associated with the Recovery Way Home transitional housing project;
 
b) Approve and authorize the Chair to execute a Loan Agreement in the total amount of $75,000, and Regulatory Agreement, for acquisition of the project;
 
c) Approve a Budget Revision, to account for the disbursement of $75,000 to the Recovery Way Home escrow account; and
 
d) Authorize the Director of Housing and Community to execute additional Subordination Agreements for this loan that are consistent with the Loan Agreement.
 
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