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File #: 25-712HA    Version: 1 Name: APPROVAL OF TRANSFER OF OWNERSHIP AND ASSUMPTION OF HOUSING AUTHORITY LOANS AND REGULATORY AGREEMENT FOR EARLE STREET APARTMENTS - 400 EARLE STREET
Type: HA- Report Status: Agenda Ready
File created: 11/12/2025 In control: Housing Authority
On agenda: 11/24/2025 Final action:
Title: REPORT - APPROVAL OF TRANSFER OF OWNERSHIP AND ASSUMPTION OF HOUSING AUTHORITY LOANS AND REGULATORY AGREEMENT FOR EARLE STREET APARTMENTS - 400 EARLE STREET BACKGROUND: The Project consists of eight (8) one-bedroom units affordable to households up to 50% AMI, secured by a Regulatory Agreement to September 16, 2075. The balance of the Housing Authority loans as of November 30, 2025 is $533,294 ($341,650 principal plus $191,644 interest). Sonoma CAN is no longer interested in being a housing provider and has decided to sell its properties, including those with Housing Authority loans and Regulatory Agreements (Aston Avenue Apartments, Earle Street Apartments, Given Avenue Transitional Housing, and Sloan House Shelter). Sonoma CAN has entered into a LOI with HHNB for the Project. Sale of the property and assumption of the Housing Authority’s Regulatory Agreement and loans by a new owner requires Housing Authority approval. RECOMMENDATION: The Housing and Community Services Depar...
Sponsors: Housing and Community Services
Indexes: Exempt Project, Not a Project
Code sections: 15061(b)(3) - General Rule Exemption, 15378 - Not a Project
Attachments: 1. Staff Report, 2. Attachment 1 - Letter from Humanity Housing North Bay, 3. Resolution, 4. Presentation
Related files: 19-822HA