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25-028HA
| 1 | 5.1 | HOUSING AUTHORITY FY 2025/26 QUARTER 1 FINANCIAL UPDATE | HA- Agenda Item | HOUSING AUTHORITY FY 2025/26 QUARTER 1 FINANCIAL UPDATE
This memo summarizes Housing Authority (“Authority”) expenditures and funding for July 1, 2025 - September 30, 2025. | | |
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25-509HA
| 1 | 8.1 | | HA- Minutes | Draft Minutes October 27, 2025. | | |
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25-027HA
| 1 | 11.1 | PENDING DEVELOPMENT PIPELINE UPDATE - Provided for information. | HA- Agenda Item | PENDING DEVELOPMENT PIPELINE UPDATE - Provided for information. | | |
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25-713HA
| 1 | 13.1 | APPROVAL OF TRANSFER OF OWNERSHIP AND ASSUMPTION OF HOUSING AUTHORITY REGULATORY AGREEMENT, DENSITY INCREASE AGREEMENT, AND LOANS FOR ASTON AVENUE APARTMENTS - 623 ASTON AVENUE | HA- Report | REPORT - APPROVAL OF TRANSFER OF OWNERSHIP AND ASSUMPTION OF HOUSING AUTHORITY REGULATORY AGREEMENT, DENSITY INCREASE AGREEMENT, AND LOANS FOR ASTON AVENUE APARTMENTS - 623 ASTON AVENUE
BACKGROUND: Sonoma CAN is selling 623 Aston Avenue, known as Aston Avenue Apartments (Project), and has entered into a letter of intent (LOI) with Crosscourt Properties, a Bay Area-based multifamily housing owner/operator. The Project is a ten (10) unit apartment complex affordable to households with incomes at 50%, 60% and 80% of area median income (AMI). The Housing Authority has two (2) loans on the property, in the principal amount of $558,071, maturing on December 31, 2032, and a Regulatory Agreement and Density Increase Agreement securing affordability through June 2, 2061. Subject to Housing Authority approval, Sonoma CAN and Crosscourt Properties will enter into a purchase agreement for the property. As part of this transaction, Crosscourt Properties is seeking the Housing Authority’s approval to assume the Regulatory Agreement, Density Increase Agreement, and loans.
RECOMMENDATION: T | | |
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25-712HA
| 1 | 13.2 | APPROVAL OF TRANSFER OF OWNERSHIP AND ASSUMPTION OF HOUSING AUTHORITY LOANS AND REGULATORY AGREEMENT FOR EARLE STREET APARTMENTS - 400 EARLE STREET | HA- Report | REPORT - APPROVAL OF TRANSFER OF OWNERSHIP AND ASSUMPTION OF HOUSING AUTHORITY LOANS AND REGULATORY AGREEMENT FOR EARLE STREET APARTMENTS - 400 EARLE STREET
BACKGROUND: The Project consists of eight (8) one-bedroom units affordable to households up to 50% AMI, secured by a Regulatory Agreement to September 16, 2075. The balance of the Housing Authority loans as of November 30, 2025 is $533,294 ($341,650 principal plus $191,644 interest).
Sonoma CAN is no longer interested in being a housing provider and has decided to sell its properties, including those with Housing Authority loans and Regulatory Agreements (Aston Avenue Apartments, Earle Street Apartments, Given Avenue Transitional Housing, and Sloan House Shelter). Sonoma CAN has entered into a LOI with HHNB for the Project. Sale of the property and assumption of the Housing Authority’s Regulatory Agreement and loans by a new owner requires Housing Authority approval.
RECOMMENDATION: The Housing and Community Services Department recommends that the Housing Authority, by resolution, conditionally approve the following for | | |
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