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08/23/2012 <br /> 6. Recommended 3rd ROPS Attachment 2 <br /> Redevelopment Housing Projects <br /> At its meeting April 12, 2012, the Oversight Board requested information on the housing projects <br /> that continue to require oversight from the former Redevelopment Agency. <br /> There are four large housing projects with Redevelopment Agency funding: City Center (950 <br /> Main Street), Hallmark Apartments (531 Woodside Road), Redwood Court (635 Spruce Street), <br /> and Villa Montgomery (1500 EI Camino Real). These loans are payable to the Agency (now the <br /> Successor Housing Agency) befinreen 2028 and 2058. Consequently, staff will continue to be <br /> involved in monitoring these projects for this duration. <br /> The Agency also provided first time homebuyer loans. There are currently eight loans still <br /> outstanding. Within this program there is currently$535,220 in outstanding principal and interest. <br /> As part of another first time homebuyers program a Disposition and Development Agreement <br /> was executed by and between the RDA and Butler Stellar Corporation on January 24, 1994 for <br /> the construction of 15 affordable ownership units (condominiums). The Agency provided silent <br /> second loans to income-qualified first time homebuyers. There are currently ten outstanding <br /> loans. The outstanding principal is$229,362. <br /> Finally, Redevelopment Agency housing funds provided low interest housing rehabilitation loans <br /> to assist income qualified single-family and multi-family property owners to preserve existing <br /> affordable housing. The outstanding principal balance is$186,020. <br /> Summary of Outstanding Loans to Housing Successor Agency <br /> Housing Project Original RDA Housing Balance as of 12/31/11 <br /> Loan Amount <br /> City Center—Promissory Note $371,076 $462,329 <br /> with Mezes Court Associates $371,076 rinci al+$g1,253 interest <br /> City Center-Promissory Note $65,484 $55,325 <br /> with J.H.R.Trust <br /> Hallmark A artments $150,000 $150,000 <br /> Redwood Court $500,000 $483,153 <br /> Villa Montgomery $1,927,000 $2,260,569 <br /> ($1,927,000 principal and <br /> $333,569 deferred interest <br /> First Time Homebu er Pro ram $535,220.73 <br /> First Time Homebuyer Program- $229,361.59 <br /> ndham Place <br /> RDA Housing Rehabilitation $186,018.55 <br /> Pro ram <br /> TotalOutstandin �oans $4,358,374.63 <br /> Tracking affordability restrictions will continue with the housing projects for periods ranging from <br /> 2028 to 2068. <br /> RESO OB 12-02 <br />