Title
Recommendation to Authorize the Executive Director to Execute the First Amendment to Regulatory Agreement and Declaration of Restrictive Covenants at Eagle Village Located in the 700 Block of Buena Vista. (Housing Programs 236)
Body
To: Honorable Chair and Members of the Alameda Public Financing Authority
EXECUTIVE SUMMARY
The Housing Authority of the City of Alameda (Housing Authority) owns two affordable housing properties, commonly known as Eagle Village and Parrot Village (St. Charles, Chapin and Wood Streets, 1800 block). In 2005, a $6.8 million refunding bond was issued by the Alameda Public Financing Authority for both of these properties to allow for refinancing of the properties. In 2016, the Housing Authority negotiated the release of six Eagle Village units, which were included as part of the security interest for the loan with the lender, so that the parcel could be merged with Rosefield Village and incorporated into the Rosefield Village redevelopment project. The Housing Authority is asking for release of the associated regulatory agreement for these same six units so that they can be encumbered by a new affordable housing agreement as part of that redevelopment project.
BACKGROUND
Eagle Village consists of two parcels, APN 73-426-006 (south parcel) and APN 073-426-16 (north parcel), totaling 42 units. In 2005, the Alameda Public Financing Authority (APFA) issued a multifamily housing revenue bond to refinance the debt on Eagle Village and a 50-unit affordable housing property called Parrot Village (APN 73-425-2). The bond was in the amount of $6.8 million and U.S. Bank is the bond trustee. This is action is memorialized by Resolution No. APFA 2005-16.
The Housing Authority also owns an affordable housing project adjacent to the south parcel of Eagle Village, commonly referred to as Rosefield Village, located in the 700 block of Buena Vista and Eagle Avenues. A map is attached as Exhibit 1. The Housing Authority is planning to re...
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