Housing authority approves 6‑month amendment allowing more time to refinance Broadway Senior Apartments bonds

The Housing Authority authorized staff to execute an amendment to bond documents to provide additional time for refinancing mortgage revenue bonds for Broadway Senior Apartments.

Whitney Hinton of the Sacramento Housing and Redevelopment Agency explained the housing authority originally issued mortgage revenue bonds for the Broadway Senior Center Apartments in February 2008. The borrower requested that the housing authority enter into a first amendment to the master pledge and assignment agreement with U.S. Bank to extend the refinance date by six months to permit additional time to close the refinance scheduled in March 2025.

Hinton said Broadway Senior Apartments, at 5200 Broadway, contains 120 units of one‑ and two‑bedroom apartments serving households at 50–60% of area median income. Dawson Holdings, Inc. is the property management company listed in the staff presentation. Staff asked the housing authority to approve execution and delivery of the amended bond documents so the borrower could complete refinancing.

Council member Maple moved to open and close the public hearing and moved the item, noting the project’s importance in her district and expressing support for preserving affordability and continuity of senior housing. The motion passed on a voice/roll call vote with no recorded no votes or abstentions.

No additional conditions or amendments to the bond documents were adopted at the meeting; staff said they were available to answer questions and would proceed with executing the amendment as requested.