Agreement, and loans.
RECOMMENDATION: The Housing and Community Services
Department recommends that the Housing Authority, by resolution,
conditionally approve 1) the transfer of ownership from Sonoma
Community Action Network (Sonoma CAN, formerly Community Action
Partnership of Sonoma County) to Colin Hooper DBA Crosscourt
Properties (Crosscourt Properties); 2) the assumption of the Housing
Authority's Regulatory Agreement, Density Increase Agreement, and
loans, in the principal amount of $558,071 by Crosscourt Properties;
and 3) extension of the Housing Authority’s loans from December 31,
2032 to June 2, 2061 to align with the terms of the Regulatory
Agreement
Attachments:
13.2
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 Earle Street Apartments, located