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File #: 24-410HA    Version: 1 Name: MODIFICATION OF LOAN TERMS FOR STONY POINT FLATS APARTMENTS
Type: HA- Consent Status: Agenda Ready
File created: 12/4/2024 In control: Housing Authority
On agenda: 12/16/2024 Final action: 12/16/2024
Title: RESOLUTION - MODIFICATION OF LOAN TERMS FOR STONY POINT FLATS APARTMENTS RECOMMENDATION: It is recommended by the Housing and Community Services Department that the Housing Authority, through two resolutions: 1) modify the terms of the its loan, in the amount of $1,200,000, with Stony Point Flats, L.P. for Stony Point Flats Apartments, located at 2270 Stony Point Road, to increase the interest rate from 3% to the current Applicable Federal Rate of 4.10%; and 2) rescind Resolution No. 1784 and approve a new resolution for the further advance of $600,000, increase the interest rate from 3% to the current Applicable Federal Rate of 4.10%; and revise the source of loan funds from state funds (Permanent Local Housing Allocation funds) to a local funding source (In-Lieu Fee Funds) to expedite conversion to permanent financing.
Sponsors: Housing and Community Services
Indexes: Not a Project
Code sections: 15378 - Not a Project
Attachments: 1. Staff Report, 2. Attachment 1 – Housing Authority Resolution No. 1742, 3. Attachment 2 – Housing Authority Resolution No. 1784, 4. Attachment 3 – Interest Rate Adjustment Request letter dated December 2, 2024, 5. Resolution 1, 6. Resolution 2