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REPORT - REQUEST TO RELEASE THE REGULATORY AGREEMENT FOR INDIVIDUALS NOW, INC. DBA SOCIAL ADVOCATES FOR YOUTH (SAY) RE: 1243 RIPLEY STREET SANTA ROSA UPON SALE AND REPAYMENT OF LOAN.
BACKGROUND: On July 27, 1992, the Authority awarded a $47,000 loan to Individuals Now, Inc. DBA Social Advocates for Youth for acquiring a youth shelter at 1243 Ripley Street, Santa Rosa, CA. Upon the loan’s maturity on August 4, 2023, the Authority extended the repayment date by 15 years and forgave accrued interest to ensure continued access to the shelter. The property, now in Chapter 7 bankruptcy, is being prepared for sale. Approval to release the Deed of Trust and Regulatory Agreement upon sale and repayment will enable the $47,000 to be reallocated to future affordable housing projects.
RECOMMENDATION: It is recommended by the Housing and Community Services Department that the Housing Authority, by resolution, authorize the termination and release of the Regulatory Agreement for Individuals Now, ...
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