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File #: 25-713HA    Version: 1 Name: APPROVAL OF TRANSFER OF OWNERSHIP AND ASSUMPTION OF HOUSING AUTHORITY REGULATORY AGREEMENT, DENSITY INCREASE AGREEMENT, AND LOANS FOR ASTON AVENUE APARTMENTS - 623 ASTON AVENUE
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 REGULATORY AGREEMENT, DENSITY INCREASE AGREEMENT, AND LOANS FOR ASTON AVENUE APARTMENTS - 623 ASTON AVENUE BACKGROUND: Sonoma CAN is selling 623 Aston Avenue, known as Aston Avenue Apartments (Project), and has entered into a letter of intent (LOI) with Crosscourt Properties, a Bay Area-based multifamily housing owner/operator. The Project is a ten (10) unit apartment complex affordable to households with incomes at 50%, 60% and 80% of area median income (AMI). The Housing Authority has two (2) loans on the property, in the principal amount of $558,071, maturing on December 31, 2032, and a Regulatory Agreement and Density Increase Agreement securing affordability through June 2, 2061. Subject to Housing Authority approval, Sonoma CAN and Crosscourt Properties will enter into a purchase agreement for the property. As part of this transaction, Crosscourt Properties is seeking the Housing Authority’s approval...
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 Crosscourt Properties, September 26, 2025, 3. Attachment 2 - Letter Request for Extension of Loan Agreements for 623 Aston Ave 11.6.25, 4. Resolution, 5. Presentation