File #: 09-01034    Version: 1
Type: Agenda Item Status: Passed
File created: 11/25/2009 In control: BOARD OF SUPERVISORS
On agenda: 12/8/2009 Final action: 12/8/2009
Title: Consider recommendations regarding the Sumida Family L.P. Sumida Gardens HOME Loan Agreement, Second District, as follows: a) Approve the final commitment of $630,000.00 in HOME funds for permanent financing costs associated with the Sumida Gardens rental project; b) Approve and authorize the Chair to execute a Loan Agreement in the amount of $630,000.00 and a Regulatory Agreement for the Sumida Gardens project; and c) Authorize the Director of Housing and Community Development to execute a Subordination Agreement at a future date, consistent with the conditions in Section 2.11 of the Loan Agreement.
Sponsors: HOUSING AND COMMUNITY DEVELOPMENT
Attachments: 1. Board Letter, 2. HOME Loan Agreement, 3. HOME Regulatory Agreement

Title

Consider recommendations regarding the Sumida Family L.P. Sumida Gardens HOME Loan Agreement, Second District, as follows:

 

a) Approve the final commitment of $630,000.00 in HOME funds for permanent financing costs associated with the Sumida Gardens rental project;

 

b) Approve and authorize the Chair to execute a Loan Agreement in the amount of $630,000.00 and a Regulatory Agreement for the Sumida Gardens project; and

 

c) Authorize the Director of Housing and Community Development to execute a Subordination Agreement at a future date, consistent with the conditions in Section 2.11 of the Loan Agreement.