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Title:
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REPORT - APPROVING SUBORDINATION OF THE HOUSING AUTHORITY'S LOANS TO A NEW FIRST MORTGAGE FOR ASTON AVENUE APARTMENTS - 623 ASTON AVENUE.
BACKGROUND: On November 24, 2025, the Housing Authority conditionally approved the transfer of ownership of Aston Avenue Apartments, 623 Aston Avenue (Project) from Sonoma Community Action Network (Sonoma CAN) to Crosscourt Properties and the assumption of the Housing Authority's Regulatory Agreement, Density Increase Agreement, and loans, in the in the principal amount of $558,071, by Crosscourt Properties, including an extension of these loans from December 31, 2032 to June 2, 2061 to align with the terms of the Regulatory Agreement. Sale of the property is scheduled to close by August 1, 2026. Crosscourt Properties will be financing the purchase with a first mortgage in the approximate amount of $600,000, and is seeking the Housing Authority’s approval to subordinate its loans.
RECOMMENDATION: The Housing and Community Services Department reco...
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Code sections:
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15061(b)(3) - General Rule Exemption, 15378 - Not a Project
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