To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Approval of Subordination Agreements to Permit the Refinancing of the Senior Loan for 144 Oak Circle in Walnut Creek
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
APPROVE and AUTHORIZE the Conservation and Development Director, or designee, to execute a subordination agreement with Mohamed Abdelrehim, Lamia Elkhatib, and CrossCountry Mortgage, LLC, in connection with a resale restriction agreement for the affordable housing unit located at 144 Oak Circle (APN: 172-340-016) in the unincorporated Walnut Creek area, to permit the refinancing by the property owner, County File CDSD21-9559.
FISCAL IMPACT:
There will be no fiscal impact. The cost of the loan refinance will be borne by the property owner.
BACKGROUND:
On March 1, 2022, the Board of Supervisors (Board) approved the Oak Road Townhouse Condominium Project, a 125-unit housing project located in unincorporated Walnut Creek. The project was subject to the requirements of the County Inclusionary Housing Ordinance. The planning approval included the requirement for the developer to build on-site 10 affordable moderate-income (120% AMI) for-sale units ("inclusionary units") and pay a partial in-lieu fee as compliance with the County Inclusionary Housing Ordinance requirements. At the same meeting, the Board approved an Inclusionary Housing Agreement with SummerHill Oak Road LLC memorializing the construction and sale agreement of the inclusionary units constructed within the project.
On May 18, 2022, the executed Inclusionary Housing Agreement was recorded as a lien against the property. The requirements of the Inclusionary Housing Agreement included provisions referenced in Chapter 822-4.410 of the County Ordinance Code, regarding the sale of the inclusionary units in the project. One of the 10 inclusionary units was the unit located at 144 Oak Circle and wa...
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