Title
Recommendation to Consent to a Transfer, Assignment, and Assumption of City Deeds of Trust, Promissory Notes, and Regulatory Agreement, New Housing Authority Loan and Affordability Agreement for the Properties at 920 Park Street (Ann B. Diament) and 460 Buena Vista Avenue (China Clipper) and Authorize the Acting City Manager to Negotiate and Execute All Necessary Documents. (Housing 266)
Body
To: Honorable Mayor and Members of the City Council
From: Elizabeth D. Warmerdam, Acting City Manager
Re: Recommendation to Consent to a Transfer, Assignment, and Assumption of City Deeds of Trust, Promissory Notes, and Regulatory Agreement, New Housing Authority Loan and Affordability Agreement for the Properties at 920 Park Street (Ann B. Diament) and 460 Buena Vista Avenue (China Clipper) and Authorize the Acting City Manager to Negotiate and Execute all Necessary Documents
BACKGROUND
As part of the City's affordable housing program, the City, from time to time, has loaned funds to the Housing Authority of the City of Alameda (Housing Authority) in order to provide funding for affordable housing projects. As part of such transactions, the Housing Authority has executed promissory notes in favor of the City and the City is the beneficiary under the recorded deeds of trust. The Housing Authority is the owner of record for the properties against which the loans have been recorded. The various loan documents provide that the Housing Authority's interest in the properties that are encumbered by the City loans may be transferred with the City's consent.
In 2015, the federal Housing and Urban Development Department (HUD) published PIH Notice 2015-05 that clarifies contract requirements for Public Housing Authority (PHA)-owned units under the Project-Based Voucher (PBV) Program. It states that the PBV contract administrator and the property owner cannot be the same legal entity. In response, some PHAs, including the Housing Authority, are establishing a separat...
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