|
2
<br /> Staff Report
<br /> Housing Hope Village- Subordination Agreements and Assignment,Assumption,Release and Consent
<br /> Agreements
<br /> The current lien/loan order for funding into the Housing Hope Village project is:
<br /> 1. Opus Bank,in the original note amount of$800,000,
<br /> 2. City of Everett(Community Development Block Grant),in the original note amount of$133,000,
<br /> 3. State of Washington Department of Commerce(Housing Trust Fund), in the original note amount of
<br /> $450,000,
<br /> 4. Snohomish County(HUD Supportive Housing Loan),in the original note amount of: $400,000,
<br /> 5. Snohomish County(HOME),in the original note amount of$289,000,
<br /> 6. Snohomish County(Affordable Housing Trust Fund),in the original note amount of$154,800,
<br /> 7. City of Everett(Community Development Block Grant), in the original note amount of$100,200.
<br /> Normally,when these complex financing packages are put together for nonprofit housing projects,those
<br /> loans with the largest amount into the project go first in the lien order,then the next largest loan
<br /> progressively going smaller until the smallest loan amount. With this project,Everett was second into the
<br /> project before the other loans closed so the original note amount of$133,000.00 was put into second lien
<br /> position.
<br /> Snohomish County as a part of this sale from the Hope Village Limited Partnership to Housing Hope asked
<br /> that the City of Everett change its lien position to follow the"custom". The new loan lien order as proposed
<br /> would be:
<br /> 1. Opus Bank,in the original note amount of$800,000,
<br /> 2. State of Washington Department of Commerce(Housing Trust Fund), in the original note amount of
<br /> $450,000,
<br /> 3. Snohomish County(HUD Supportive Housing Loan),in the original note amount of: $400,000,
<br /> 4. Snohomish County(HOME),in the original note amount of$289,000,
<br /> 5. Snohomish County(Affordable Housing Trust Fund),in the original note amount of$154,800,
<br /> 6. City of Everett(Community Development Block Grant), in the original note amount of$133,000,
<br /> 7. City of Everett(Community Development Block Grant), in the original note amount of$100,200.
<br /> 4
<br />
|