REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
May 19, 2020
FROM
GARY HALLEN, Director, Community Development and Housing
SUBJECT
Title
Revise Neighborhood Stabilization Program Loan Agreement with Hillcrest Court Apartments, LLC relating to the Hillcrest Court Apartments Affordable Housing Development
End
RECOMMENDATION(S)
Recommendation
1. Approve revisions to the amendment of the Neighborhood Stabilization Program Loan Agreement (Agreement No. 10-685 A-2), the Amended and Restated Promissory Note, and the Amended and Restated Affordability Covenant Agreement, approved under Resolution 2019-29, and approve the Modification Agreement between the County of San Bernardino and Hillcrest Apartments, LLC relating to Neighborhood Stabilization Program Deed of Trust recorded against the Hillcrest Court Apartments Affordable Housing Development.
2. Authorize the Chief Executive Officer or Deputy Executive Officer, upon consultation with County Counsel, to make necessary non-substantive modifications, approve, and execute all required certificates and related ancillary documents to enable the execution of the Amendment to the NSP Loan Agreement, the Amended and Restated Promissory Note, and the Amended and Restated Affordability Covenant Agreement and the re-recording of the Amendment to the NSP Loan Agreement, and the Amended and Restated Affordability Covenant Agreement.
3. Direct the Community Development and Housing Department Director to transmit all documents to the Clerk of the Board within 30 days of execution.
(Presenter: Gary Hallen, Director, 387-4411)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Promote the Countywide Vision.
Ensure Development of a Well-Planned, Balanced, and Sustainable County.
Pursue County Goals and Objectives by Working with Other Agencies.
FINANCIAL IMPACT
Approval of this item will not impact Discretionary General Funding (Net County Cost)...
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