City Council

Item No. 19. 2024-0074 CONSIDER RATIFICATION OF CLOSING DOCUMENTS RELATED TO AFFORDABLE HOUSING PROJECTS OWNED AND OPERATED BY ENTITIES CONTROLLED BY THOMAS SAFRAN AND ASSOCIATES, REFINANCING AND REHABILITATING VILLAGGIO I AND II AND EXTENDING THE MATURITY DATES OF THE LOANS, AND THE SIXTH AMENDMENT TO THE DISPOSTION AND DEVELOPMENT AGREEMENT FOR AVALON COURTYARD, ALL AUTHORIZED PURSUANT TO RESOLUTION NO. 22-08-CHA APPROVED BY THE HOUSING AUTHORITY BOARD ON JUNE 21, 2022 (HOUSING AUTHORITY) Recommendation: TAKE the following actions: RATIFY THE APPROVAL AND EXECUTION OF the following agreements entered into by the Housing Authority pursuant to Resolution No. 22-08-CHA on June 21, 2022: 1. Villaggio I (owner is Grace Housing Limited Partnership): a. Third Amendment to Redevelopment Agreement b. First Amendment to Regulatory Agreement c. HUD Subordination Agreement d. Substitution of Trustee and Reconveyance e. First Amendment to Regulatory Agreement (CHFA Development No. 97-004-S) 2. Villaggio II (owner is Carson Housing Limited Partnership): a. Third Amendment to Redevelopment Agreement b. First Amendment to Regulatory Agreement c. HUD Subordination Agreement d. First Amendment to Regulatory Agreement (CHFA Development No. 97-015-S) e. Substitution of Trustee and Reconveyance 3. Avalon Courtyard: a. Sixth Amendment to Disposition and Development Agreement Attachments: 1.Resolution No. 22-08-CHA 2.Villaggio I 3rd Amend. to Redev. Agmt.pdf 3.Villaggio I_1st Amendment to Regulatory Agreement (with HUD Rider) 4.Villaggio I_Subordination Agreement.pdf 5.Villaggio I_Substitution of Trustee and Reconveyance 6.Villaggio I 1st Amendment to Regulatory Agmnt (No. 97-004-S) 7.Villaggio II_3rd Amendment to Redevelopment Agreement 8.Villaggio II_First Amendment to Regulatory Agreement (HUD Rider) 9. Villaggio II_ HUD Subordination Agreement (HUD-92420M) 10.Villaggio II_1st Amendment to Regulatory Agreement 11.Villaggio II_Substitution of Trustee & Reconveyance 12.Avalon Courtyard 6th Amendment to DDA