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File #: 22-812HA    Version: 1 Name: 1243 RIPLEY STREET - AMEND AND REINSTATE REGULATORY AGREEMENT TO EXTEND PRINCIPLE ON PROMISSORY NOTE AND FORGIVE INTEREST
Type: HA- Report Status: Agenda Ready
File created: 9/27/2022 In control: Housing Authority
On agenda: 10/24/2022 Final action: 10/24/2022
Title: REPORT - MODIFICATION OF LOAN NO. 9021-0274-93 AND INTEREST FORGIVENESS FOR THE YOUTH SHELTER LOCATED AT 1243 RIPLEY STREET BACKGROUND: The Housing Authority approved a $47,000 loan to Individuals Now, dba Social Advocates for Youth (SAY) to assist in the acquisition of 1243 Ripley Street to be operated as a youth shelter. The 30-year term of the loan will expire and become due in full on August 4, 2023. The borrower has requested a loan modification to extend the term by 15 years, forgive the accrued interest on the principal balance to date, modify the interest rate to 0% as to not accrue further interest, and allow prepayment of the loan if needed. In connection with the loan, the site has a Regulatory Agreement restricting the use of the property to operation of a 6-bed youth shelter for thirty (30) years, which would also be extended by fifteen (15) years if approved. RECOMMENDATION: It is recommended by the Housing and Community Services Department that the Housing Authority,...
Sponsors: Housing and Community Services
Indexes: Not a Project
Code sections: 15378 - Not a Project
Attachments: 1. Staff Report, 2. Attachment 1, 3. Resolution, 4. Presentation
Related files: 24-705HA