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expenses. The County intends to provide loans so that the Service League can pay off <br />their current mortgages and provide new loans at 0% interest over 30 years, with <br />principal forgiven in five equal increments over the final five years of the loans. These <br />new loans will eliminate mortgage payments for Service League and allow them to <br />direct this savings towards property preservation and support services. The City <br />affordability restrictions would remain in second lien position on the title of each property <br />and the terms would remain unchanged. The proposed subordination agreements are <br />attached to this report. <br /> <br />ALTERNATIVES <br />The City could deny the loan subordinations or request other terms. <br /> <br />FISCAL IMPACT <br />Approval of the loan subordinations does not have any fiscal impact to the City. <br /> <br />ENVIRONMENTAL REVIEW <br />Approval of loan subordination is not a project under CEQA. <br /> <br /> <br />RHONDA COFFMAN <br />HOUSING & GRANTS MANAGER <br /> <br /> <br />AARON AKNIN <br />COMMUNITY DEVELOPMENT DIRECTOR / ASSISTANT CITY MANAGER <br /> <br /> <br /> <br />MELISSA STEVENSON DIAZ <br />CITY MANAGER <br /> <br />6.1.B. - Page 2