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Board approves Sea Ranch conversion of affordable rentals to ownership, OKs loan forgiveness
Summary
The Sonoma County Board of Supervisors on April 22 approved converting five vacant Sea Ranch rental units into affordable homeownership units and forgave a county loan of up to $701,854 to finance renovations and buyer assistance.
The Sonoma County Board of Supervisors on April 22 approved a Community Development Commission proposal to convert a portion of the Sea Ranch Apartments from affordable rental units to affordable homeownership and forgive a County loan to help finance renovations and buyer assistance.
Under the plan, the county will forgive the outstanding HOME-related loan in an amount not to exceed $701,854 to allow Burbank Housing to renovate vacant units at Sea Ranch 14, sell them as deed-restricted affordable homes and establish a repair reserve and down-payment assistance program for buyers. Homeowners will enter new…
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