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Title:
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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...
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