HomeMy WebLinkAboutMINUTES - 05231989 - 1.74 11-074
TO: REDEVELOPMENT AGENCY
FROM: PHIL BATCHELOR �
BATCHELOR.,
EXECUTIVE DIRECTOR C✓V`7la
DATE: May 11, 1989 County
SUBJECT: Deferred Second Deed of Trust Financing for the Affordable
Housing Project in the North Richmond-Redevelopment Project Area.
SPECIFIC REQUEST(S) OR RECONMENIDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize staff to proceed with negotiations with Neighborhood
House of North Richmond for the provision of Deferred, Zero
Interest, Second Deed of Trust Loans for eligible purchasers of
Agency-assisted housing units in the North Richmond Redevelopment
Project Area.
FISCAL IMPACT
None.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Redevelopment Agency' s North Richmond Affordable Housing
Project calls for the Agency to make available to Neighborhood
House of North Richmond (NHNR) Community Development Block Grant
funds that will be used for deferred, zero-interest Second Deed of
Trust loans. The Agency is proposing to negotiate an Agreement and
Promissory Note with NHNR which will detail the obligations of each
party relative to the transferal of funds, the preparation of loan
documents, and the repayment of the funds in the event of
subsequent re-sale of the properties. With Agency' s approval,
staff will proceed with negotiations with NHNR and prepare the
appropriate documents for the Agency' s review and app ov 1 at a
later date.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATIO AGEN C ITTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF AGENCY ON May 23 ; 1989 APPROVED AS RECOMMENDED X OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
cc: Redevelopment Director ATTESTED May 23, 1989
Public Works (Real Property) PHIL BATCHELOR,
CAO AGENCY SECRETARY
BY__( DEPUTY
grll/jb/2dedtst.bos