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Title:
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REPORT - CONDITIONALLY APPROVING AN EXTENSION FOR THE MATURING LOAN AND REGULATORY AGREEMENT FOR KAY MAR MOBILEHOME PARK - 515 WEST COLLEGE AVENUE.
BACKGROUND: Kay Mar Mobilehome Park is comprised of 33 individually owned mobilehomes for households 55 years and older, located at 515 West College Avenue. The Housing Authority has a loan on the property, in the principal amount of $172,250, maturing on October 18, 2026, and a Regulatory Agreement securing affordability, expiring on October 22, 2026. The owner, Kay Mar Inc., is unable to repay the loan at maturity and has requested a 15-year extension through October 18, 2041. As a condition of the loan extension, the Regulatory Agreement would also be extended through October 18, 2041.
RECOMMENDATION:
The Housing and Community Services Department recommends that the Housing Authority, by resolution, conditionally approve an extension for the maturing loan, and Regulatory Agreement for Kay Mar Mobilehome Park located at 515 West Col...
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Code sections:
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15061(b)(3) - General Rule Exemption, 15378 - Not a Project
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