REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
April 7, 2020
FROM
GARY HALLEN, Director, Community Development and Housing
SUBJECT
Title v
Restructure Neighborhood Stabilization Program Loan Agreement with Housing Partners I, Inc., for the Garden Drive Apartments Affordable Housing Development
End
RECOMMENDATION(S)
Recommendation
1. Approve Amended and Restated Neighborhood Stabilization Program loan agreement to restructure the existing Neighborhood Stabilization Program loan (Agreement No. 10-687 A2) between the County of San Bernardino and Family Services Association assigned to Housing Partners I, Inc. for the Garden Drive Apartments Affordable Housing Development.
2. Authorize the Chairman of the Board of Supervisors or Chief Executive Officer, upon consultation with County Counsel, to make modifications, execute, and deliver all ancillary loan documents required for the project financing, necessary to carry out the transaction, and mandatory to close the transaction.
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)
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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 result in the use of any Discretionary General Funding (Net County Cost). Sufficient revenue has been included in the department's Neighborhood Stabilization Program budget (6210002498) as the loan will be repaid via residual receipt payments from the project over the life of the loan.
BACKGROUND INFORMATION
The action requested of the Board of Supervisors (Board) is to approve an amended and restated Community Development and Housing (CDH) Neighborh...
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