Apartments, 623 Aston Avenue (Project) from Sonoma Community
Action Network (Sonoma CAN) to Crosscourt Properties and the
assumption of the Housing Authority's Regulatory Agreement, Density
Increase Agreement, and loans, in the in the principal amount of
$558,071, by Crosscourt Properties, including an extension of these
loans from December 31, 2032 to June 2, 2061 to align with the terms
of the Regulatory Agreement. Sale of the property is scheduled to close
by August 1, 2026. Crosscourt Properties will be financing the
purchase with a first mortgage in the approximate amount of $600,000,
and is seeking the Housing Authority’s approval to subordinate its
loans.
RECOMMENDATION: The Housing and Community Services
Department recommends that the Housing Authority, by resolution,
conditionally approve the subordination of the Housing Authority’s
loans, in the principal amount of $558,071, to a first mortgage in the
approximate of $600,000 for the acquisition of Aston Avenue
Apartments, 623 Aston Avenue by Collin Hooper DBA Crosscourt
Properties (Crosscourt Properties) or an affiliate Limited Liability
Company (LLC).
Staff Kuykendall presented.
Staff responded to Commissioner inquiries.
Chair Smith opened public comment.
David Harris provided comments.
Duane DeWitt provided comments.
Chair Smith closed public comment.
Commissioners provided comments and feedback.
A motion was made by Commissioner Conte, seconded by Vice-Chair
Cappio, to waive reading of the text and adopt;
RESOLUTION NO. HA - RES - 2026-010 ENTITLED:RESOLUTION OF THE
HOUSING AUTHORITY OF THE CITY OF SANTA ROSA CONDITIONALLY
APPROVING SUBORDINATION OF THE HOUSING AUTHORITY’S LOANS,
IN THE PRINCIPAL AMOUNT OF $558,071, FOR THE ACQUISITION OF
ASTON AVENUE APARTMENTS, 623 ASTON AVENUE, BY COLLIN
HOOPER DBA CROSSCOURT PROPERTIES (CROSSCOURT
PROPERTIES) OR AN AFFILIATE LIMITED LIABILITY COMPANY (LLC).