Memorandum
Date: March 5, 2024
To: The Lake County Housing Commission
From: Elise Jones, Director Behavioral Health Services Department
Subject: Sitting as the Lake County Housing Commission - Approve First Amendment to the Regulatory Agreement and Declaration of Restrictive Covenants for the Permanent Local Housing Allocation (PLHA) Program and Authorize the Chair to Sign.
Executive Summary:
On June 28, 2022 a Resolution Authorizing the Application for the Permanent Local Housing Allocation (PLHA) Program for the Collier Avenue Apartment Project was approved by the Board. On January 13, 2023 the Lake County Board of Supervisors, sitting as the Lake County Housing Commission, approved the PLHA Loan Agreement, PLHA Deed of Trust, PLHA Promissory Note and PLHA Regulatory Agreement. On March 14th, 2023 the Board approved a revision to the Resolution approved on June 28, 2022 to include all five years of PLHA funding, as the original Resolution only spoke to the first two years of funding for the Collier Avenue Project.
Now, the original PLHA Agreement that was entered into on March 14, 2023 must be amended. The first sentence of Section 3 of the Agreement is hereby deleted and replaced with the following: “The term of this PLHA Regulatory Agreement (the “Term”) shall commence on the date first written above, and this PLHA Regulatory Agreement shall remain in full force and effect until fifty-five (55) years after the date the first building located on the Property is constructed and obtains a certificate of occupancy, or equivalent document, from the County of Lake (or, if such date cannot be determined, fifty-seven (57) years after the date of the recordation of this PLHA Regulatory Agreement in the official records of the County of Lake).”
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Recommended Action: Sitting as the Lake County Housing Commission - Approve First Amendment to the Regulatory Agreement and Declaration of Restrictive Covenants for the Permanent Local Housing Allocation (PLHA) Program and Authorize the Chair to Sign.