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Title:
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REPORT - APPROVING AN EXTENSION FOR THE MATURING LOAN AND REGULATORY AGREEMENT FOR CALIFORNIA PROGRAMS FOR THE AUTISTIC’S BENTON HOUSE - 325 MAJOR DRIVE.
BACKGROUND: California Programs for the Autistic’s (CPA) Benton House is an existing four-bedroom home, comprised of six (6) beds located at 325 Major Drive (“Project”). The Housing Authority has a loan on the property, in the principal amount of $30,899.53, maturing on September 1, 2026, and a Regulatory Agreement securing affordability through September 1, 2031. CPA is currently unable to repay the maturing loan coming due and is requesting to extend the term by thirty (30) years from September 1, 2026 to September 1, 2056, and continue operating the Project.
RECOMMENDATION: The Housing and Community Services Department recommends that the Housing Authority, by resolution, approve the following for California Programs for the Autistic’s Benton House, located at 325 Major Drive: 1) approve an extension for the maturing loan, in t...
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Code sections:
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15061(b)(3) - General Rule Exemption, 15378 - Not a Project
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