File #: 04-01118    Version:
Type: Agenda Item Status: Passed
File created: 11/24/2004 In control: BOARD OF SUPERVISORS
On agenda: 12/14/2004 Final action: 12/14/2004
Title: HEARING - Consider recommendations regarding Recapitalization of Housing Finance Loan Portfolio, as follows: (EST. TIME: 15 MIN.) a) Approve Housing and Community Development Department's (HCD) negotiated loan of $1.1 million dollars from South Coast Community Federal Credit Union to be collateralized solely by the $3.2 million of its total loan portfolio, comprised of $1.259 million Housing Rehabilitation (HR) and $1.929 million Down Payment Assistance (DPA) programs loans, to be used by HCD to "write-down" the cost of housing in the private market place to attainable levels for low-income and workforce families who live and work in the County of Santa Barbara; b) Approve and execute the Loan Agreement in the total amount of $1,100,000. COUNTY ADMINISTRATOR'S RECOMMENDATION: POLICY
Sponsors: HOUSING AND COMMUNITY DEVELOPMENT
Attachments: 1. Board Letter
Title
HEARING - Consider recommendations regarding Recapitalization of Housing Finance Loan Portfolio, as follows: (EST. TIME: 15 MIN.)
 
a)  Approve Housing and Community Development Department's (HCD) negotiated loan of $1.1 million dollars from South Coast Community Federal Credit Union to be collateralized solely by the $3.2 million of its total loan portfolio, comprised of  $1.259 million Housing Rehabilitation  (HR) and $1.929 million Down Payment Assistance (DPA) programs loans, to be used by HCD to "write-down" the cost of housing in the private market place to attainable levels for low-income and workforce families who live and work in the County of Santa Barbara;
 
b)  Approve and execute the Loan Agreement in the total amount of $1,100,000.  
 
COUNTY ADMINISTRATOR'S RECOMMENDATION: POLICY
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