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Consider recommendations regarding funding for the Villa del Sol Project, Isla Vista area, Third District, as follows:
a) Find that the rehabilitation of Villa del Sol is exempt from the California Environmental Quality Act under categorical exemption 15301 which applies to the repair, maintenance, and minor alteration of public and private structures;
b) Approve a commitment of funds to the Santa Barbara County Housing Authority for the acquisition and substantial rehabilitation of the Villa del Sol project located at 6680 Sueno Road in Isla Vista, in the amount of $325,000;
c) Authorize the Director of Housing and Community Development to execute a Loan Agreement, Deed of Trust and a Regulatory Agreement with the Housing Authority, consistent with the terms and conditions detailed in this Board letter dated October 19, 2004.
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