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<br />6.11 <br />Page 3 <br />. Proposed structural improvements help to ensure the health and safety of low- <br />income tenants and reduce their risk of hazards <br /> <br />. The order of magnitude of the subordination is $162,191 and not millions of dollars <br /> <br />Approved 4-0. <br /> <br />The proposed new financing on the project is as follows: <br /> <br />Position Funding Source Encumbrance3 Secu red! <br /> Unsecured <br />1 st Cal HFA $ 1,800,000.00 Secured <br />New 2nd Cal HFA $ 162,000.00 Secured <br />New 3rd California Housing and $ 1,020,000.00 Secured <br /> Community Development <br /> (HCD) <br />New 4 tn County of San Mateo & $ 250,000.00 Secured <br />New 4th City of Redwood City $ 241,000.00 Secured <br /> CA Tax Credit Allocation $ 1,400,000.00 Unsecured <br /> Committee <br />Total Secured Encumbrance $ 3,473,000.00 <br />Total Unsecured Encumbrance $ 1,400,000.00 <br />Total all Encumbrances $ 4,873,000.00 <br /> <br />REDWOOD OAKS PROPOSED FINANCING <br /> <br />ALTERNATIVES <br />The Council may choose to not approve the Subordination request. <br /> <br />FISCAL IMPACT <br /> <br />The City's loan in this matter is $241,400.22 and is held in third position with the County <br />of San Mateo behind $2,800,000 in first and second mortgages. After the proposed <br />Subordination, the City's $241,400.22 loan would be held in fourth position along with <br />the County of San Mateo's $250,000 loan behind first second, and third mortgages <br />totaling $2,982,000. No additional funding is required as a result of this transaction. <br /> <br />11 ~~ LV~-'-~ <br /> <br />Debbi Jones-Tho as <br />Housing Coordinator <br /> <br />&/d~a,9,u~ <br />atricia J. Webb <br />Housing & Economic Development Manager <br /> <br /> <br />Peter Ingra~ <br />City Manager <br /> <br />~ <br /> <br />Jill E s <br />PIa ng, Housing and Economic <br />Development Director <br /> <br />3 Amounts shown are rounded. <br />