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File #:
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17-811HA
Version:
1
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Name:
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Journey's End Loan Repayment
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Type:
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HA- Report
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Status:
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Agenda Ready
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On agenda:
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12/12/2017
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Final action:
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Title:
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REPORT - TRANSFER OF HOUSING AUTHORITY FUNDS TO REPAY THREE REHABILITATION LOANS MADE TO JOURNEY’S END MOBILEHOME PARK RESIDENTS
BACKGROUND: On October 9, 2017, the City of Santa Rosa (City) experienced a devastating wildfire that destroyed or substantially damaged the majority of mobilehomes at Journey’s End Mobilehome Park, including two homes with rehabilitation loans funded by the CalHome Owner-Occupied Mobilehome Rehabilitation Program in 2017, and one funded by Community Development Block Grant (CDBG) dollars in 1992. Because the borrowers are low-income (80% AMI or less) senior citizens, and because the insurance settlements these borrowers will receive will not provide adequate resources to replace their homes if they are required to pay back the Housing Authority’s loans, staff recommends transferring funds from the Housing Authority Reserves (Fund 2130) and Housing Grant (Fund 2282) into the Housing Authority funds which were the original source of the rehabilitation loans f...
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