Memorandum
Date: April 12, 2022
To: The Honorable Lake County Housing Authority
From: a) Anita L. Grant, County Counsel
b) Bruno Sabatier, District 2 Supervisor
Subject: (Sitting as the Lake County Housing Authority Board of Commissioners) a) Consideration of First Amendment to the 2021 Agreement to Develop Affordable Housing by and Between the Lake County Housing Authority and the Rural Communities Housing Development Corporation; and b) Consideration of Request for an Audit
Executive Summary:
The Lake County Housing Authority became the successor agency of the former Redevelopment Agency's housing obligations and assets. In January of 2012, the Board of Supervisors adopted a resolution formally effectuating that transfer to the Lake County Housing Authority.
In March of 2012, the Oversight Board of the Successor Agency for the Lake County Redevelopment Agency took action in regard to the original Collier Avenue Affordable Housing Project which had been entered into with the Rural Communities Housing Development Corporation (RCHDC) and directed the Lake County Housing Authority to retain its deeds of trust on the Collier Avenue property to secure the loans made with the balance due and payable if five years unless the housing project was substantially completed.
For many reasons including the advent of a series of disaster and the lack of funding, the Collier Avenue project was not able to move forward.
In 2021, there was an opportunity to renegotiate an agreement with RCHDC to develop affordable housing. The 2021 Agreement to Develop Affordable Housing describes the terms and conditions of the negotiation which include the Housing Authority's agreement to cancel and forgive the aforementioned deeds of trust. However, the renegotiated 2021 Agreement also improved the protections against loss to the Housing Authority. A copy of that 2021 Agreement is included with this Agenda Item.
Since the Housing Authority's September 2021 approval of the renegoti...
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