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Title:
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REPORT - APPROVING AN EXTENSION FOR THE MATURING LOAN AND REGULATORY AGREEMENT FOR COMMUNITY SUPPORT NETWORK’S DUTTON HOMES - 1548, 1550, AND 1552 DUTTON AVENUE.
BACKGROUND: Community Support Network’s (CSN) Dutton Homes is an existing single-family dwelling, and a duplex comprised of eight (8) beds located at 1548, 1550, and 1552 Dutton Avenue (“Project”). The Housing Authority has a loan on the property, in the principal amount of $128,000, maturing on November 26, 2026, and a Regulatory Agreement securing affordability for the same term. CSN is currently unable to repay the maturing loan coming due and is requesting to extend the term by thirty (30) years from November 26, 2026 to November 26, 2056, and continue operating the Project.
RECOMMENDATION: The Housing and Community Services Department recommends that the Housing Authority, by resolution, approve an extension for the maturing loan, in the principal amount of $128,000, and Regulatory Agreement for Community Support Netw...
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Code sections:
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15061(b)(3) - General Rule Exemption, 15378 - Not a Project
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