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File #: 19-818HA    Version: 1 Name: Hearn Vet Village Loan Modification
Type: HA- Report Status: Agenda Ready
File created: 7/24/2019 In control: Housing Authority
On agenda: 8/26/2019 Final action:
Title: REPORT - HEARN VETERANS VILLAGE LOAN MODIFICATION - 2149 WEST HEARN AVENUE BACKGROUND: In 2007, the Housing Authority approved a loan in the amount of $245,407 to assist Community Housing Sonoma County (“CHSC”) and Vietnam Veterans of California acquire an existing, vacant residential care facility for the development of a 12-bed transitional housing facility for homeless veterans. The loan was assumed by CHSC. On February 25, 2019, the Housing Authority approved a conditional Further Advance to CHSC in the amount of $285,000 for predevelopment costs associated with the second phase of the Hearn Veterans Village Project for 24 permanent supportive housing units for veterans who are homeless or at risk of homelessness. In June 2019, CHSC informed staff that the organization wants to maintain distinct and separate loans and loan documentation for finances, operation and management for each project phase, so that they function as separate projects. The Further Advance approved in F...
Sponsors: Housing Authority
Indexes: Not a Project
Code sections: 15378 - Not a Project
Attachments: 1. Staff Report, 2. Resolution, 3. Attachment 1, 4. Attachment 2, 5. Presentation