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File #: 21-815HA    Version: 1 Name: LOAN MODIFICATION REQUESTS FOR EXTENSION OF HOUSING AUTHORITY LOAN AND REGULATORY AGREEMENT TERMS FOR- NORTHPOINT APARTMENTS I AND II, 2121 STONY POINT ROAD, AND SUBORDINATION OF THE HOUSING AUTHORITY’S LOANS TO REFINANCED SENIOR MORTGAGES
Type: HA- Report Status: Agenda Ready
File created: 9/2/2021 In control: Housing Authority
On agenda: 9/27/2021 Final action:
Title: REPORT - REQUEST FOR EXTENSION OF HOUSING AUTHORITY LOAN AND REGULATORY AGREEMENT TERMS NORTHPOINT APARTMENTS PHASES I AND II, 2121 STONY POINT ROAD, AND SUBORDINATION OF THE HOUSING AUTHORITY’S LOANS TO REFINANCED SENIOR MORTGAGES. BACKGROUND: Bridge Housing submitted a loan modification application to support its refinancing efforts for Northpoint Apartments Phases I and II, including a request for loan and regulatory period extensions, as well as subordination of the Authority loans to the refinanced senior mortgages. The project consists of Phase I, a 70-unit multifamily rental development of which 69 are affordable to very low-, and low-income households. The Phase I loan due date is August 2029 and the thirty-year term of the Regulatory Agreement ends in October 2029. Phase II, a 40-unit multifamily rental development all of which affordable to very low-, and low-income households has loan due dates of September 2029 and December 2030 and the thirty-year term of the Regulat...
Sponsors: Housing and Community Services
Indexes: Not a Project
Code sections: 15378 - Not a Project
Attachments: 1. Staff Report, 2. Attachment 1, 3. Attachment 2, 4. Resolution, 5. Presentation
Related files: 18-817HA