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Hemet council agrees to support refinancing plan for two senior complexes, waives interest claim
Summary
The council voted 5-0 to adopt a resolution supporting a HUD RAD refinance for Sahara and Oasis Senior Villas and to forgive interest on prior city housing loans so the properties can secure federal financing for capital repairs while preserving long-term affordability.
The Hemet City Council on Sept. 9 approved a resolution supporting a financing plan that would allow two existing affordable senior housing complexes — Sahara Senior Villas and Oasis Senior Villas — to refinance under a HUD Rental Assistance Demonstration (RAD) transaction and to recapitalize deferred loans so the properties can fund needed repairs.
Community Development Director Monique Alanisflater told the council that Sahara (75 units) and Oasis (65 units) were originally developed with federal and redevelopment agency funds and are subject to long-term…
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