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Consider recommendations regarding local housing set-aside funding for the El Encanto Apartment project, located at 7388 Calle Real, Goleta area, Third District, as follows:
Acting as the Redevelopment Agency Board of Directors:
a) Approve an amendment to the executed 5-year deferred, 3% interest 40-year term, $366,500 Redevelopment Agency site acquisition loan to Santa Barbara Community Housing Corporation (CHC) for the El Encanto Apartment project to a 3%, residual receipts, 40-year term loan;
b) Authorize the Treasurer-Tax Collector to execute a Revised and Restated Loan Agreement and Promissory Note with CHC, to reflect the new repayment terms all set forth in substantially the forms of Attachment A to the Board Letter dated December 4, 2001;
c) Adopt a resolution to allow the Redevelopment Agency Loan and Regulatory Agreement to be subordinated to other financing;
Acting as the Board of Supervisors:
d) Approve the commitment of a 3% residual receipts 35-year loan in the amount of $326,246 in Countywide local funds for the development of the El Encanto Apartments by CHC;
e) Authorize the Treasurer-Tax Collector to execute a Loan Agreement and a Regulatory Agreement with CHC in the amount of $376,246 for development of the site, including a previously unsecured $50,000 (Attachment C to the Board Letter dated December 4, 2001);
f) Authorize the Treasurer-Tax Collector to execute subordination agreements subordinating the County Loan and Regulatory Agreement to other financing if such subordination is necessary for project feasibility.
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