REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
January 24, 2023
FROM
DIANA ATKESON, Interim Director, Community Development and Housing Department
SUBJECT
Title
Refinancing of The Crossings Apartments in the City of Rialto
End
RECOMMENDATION(S)
Recommendation
1. Consent to the refinancing of The Crossings loan by Rialto Housing Partners, L.P.
2. Approve Amendment No. 2 to HOME Investment Partnership Agreement No. 99-1165 with San Bernardino County and Southern California Housing Development Corporation of the Inland Empire, the Managing General Partner of Rialto Housing Partners, L.P. to clarify the Annual Operating Expenses and Residual Receipts definitions, outline repayment terms, and incorporate a schedule for repairing the capital improvements needed.
3. Designate the Chief Executive Officer or the Deputy Executive Officer of Community Revitalization, to execute and make non-substantive changes to the documents, if needed, to complete the short-term Bridge Loan refinance, subject to review by County Counsel.
4. Direct the Chief Executive Officer or the Deputy Executive Officer of Community Revitalization to transmit all documents regarding the short-term Bridge Loan, including non-substantive changes, to the Clerk of the Board of Supervisors within 30 days of execution.
(Presenter: Diana Atkeson, Interim Director, 382-3983)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Operate in a Fiscally-Responsible and Business-Like Manner.
Ensure Development of a Well-Planned, Balanced, and Sustainable County.
FINANCIAL IMPACT
Approval of this item will not impact Discretionary General Funding (Net County cost). This is a proposed short-term refinance which will not result in any new costs for the County. Rialto Housing Partners, L.P. (Developer) will pay the cost associated with the refinancing of the short-term loan. No additional HOME program funds will be allocated to The Cr...
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