REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
March 11, 2025
FROM
CARRIE HARMON, Director, Community Development and Housing Department
SUBJECT
Title
Refinancing of the Citrus Grove Apartments in Rialto
End
RECOMMENDATION(S)
Recommendation
1. Approve the refinancing of the existing $1,969,957 mortgage with U.S. Bank on the Citrus Grove Apartments to a new first mortgage with JPMorgan Chase Bank, in the amount of $26,703,432, with the condition that no net proceeds will be received in the transaction.
2. Approve the Modification to Loan Documents, Amendment No. 2, that modifies HOME Investment Partnership Agreement No. 05-514, the Promissory Note and the Deed of Trust with Southern California Housing Development Corporation of the Inland Empire and Inland Valley Housing Partners, LP, which includes the extension of the affordability period and a modification of the payment terms.
3. Approve the Assignment and Assumption Agreement, Amendment No. 3, for assignment of HOME Investment Partnership Agreement No. 05-514, from Inland Valley Housing Partners, LP to IVHP 2 Apartments LP.
4. Approve the Subordination Agreement between San Bernardino County and the new senior lender JPMorgan Chase Bank.
5. Approve the Subordination Agreement between San Bernardino County and the new senior lender Rialto Housing Authority.
6. Approve the Subordination Agreement between San Bernardino County and the new senior lender California Department of Housing and Community Development, including a non-standard term.
7. Authorize the Chief Executive Officer or the Director of the Community Development and Housing Department, subject to County Counsel review, to execute the Subordination Agreements, any non-substantive amendments, and any escrow instructions.
8. Direct the Director of Community Development and Housing Department to transmit all Subordination Agreements and any non-substantive amendments to the Cle...
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