RECOMMENDATION(S):
APPROVE a Subordination Agreement between the County and Garden Park Apartments Community, and AUTHORIZE the Conservation and Development Director to execute the agreement.
FISCAL IMPACT:
No impact to the General Fund. The County provided a loan to Garden Park Apartments Community for the rehabilitation of the Garden Park apartments using Community Development Block Grant and Housing Opportunities for Persons with HIV/AIDs funds.
BACKGROUND:
On September 30, 2003, the County entered into a CDBG/HOPWA Loan Agreement with Garden Park Apartments Community (GPAC). The County loaned GPAC $1,000,000 of Community Development Block Grant funds and $680,000 of Housing Opportunities for Persons with HIV/AIDS funds. The County secured the loan with a Deed of Trust. The County also entered into a Regulatory Agreement that restricts the occupancy of the apartments to low income households who were homeless or at risk of homelessness.
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