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Housing Authority approves two consent resolutions: Stony Pointe loan modification and Heritage Park HAP extension
Summary
The Santa Rosa City Housing Authority approved a loan-term modification for Stony Pointe Flats (5 ayes, 1 abstention) and an assignment/extension for Heritage Park Apartments’ Housing Assistance Payments contract (6 ayes), both on consent at the Dec. 16 meeting.
The Santa Rosa City Housing Authority voted on two consent calendar resolutions at its Dec. 16 meeting.
Stony Pointe Flats: The authority approved a resolution modifying loan terms for Stony Pointe Flats. Commissioner Conte moved to waive the reading of the text and approve the resolution; the motion was seconded. The clerk called the roll for the consent vote: Commissioner Conte — aye; Vice Chair Downey — aye; Commissioner Owen — abstain; Commissioner Freeman — aye; Commissioner Smith — aye; Chair Newton — aye. The record shows the motion passed with five ayes and one abstention. Staff explained the modification adjusts the loan’s interest rate from the authority’s standard 3% simple interest to the applicable federal rate (AFR), then at 4.1% to assist the tax-credit investor; staff said the change could increase residual interest accruals over the 55-year loan term (staff estimated a little over $1,000,000 in additional interest over the term as reflected in the staff report).
Heritage Park Apartments: The authority approved a resolution to assign and extend the agreement to enter into a Housing Assistance Payment (HAP) contract for Heritage Park Apartments. Commissioner Smith moved to waive the reading and approve the assignment and extension; a second was stated on the record. The clerk called the roll and the motion passed with six ayes. There were no public comments on either consent item.
Votes at a glance (consent items): - Item 12.1 — Resolution modifying loan terms for Stony Pointe Flats: Motion by Commissioner Conte; second stated on record. Outcome: approved. Tally: 5 ayes, 1 abstention (Commissioner Owen). - Item 12.2 — Resolution assignment and extension to enter into a HAP contract for Heritage Park Apartments: Motion by Commissioner Smith; second stated on record. Outcome: approved. Tally: 6 ayes.
Clarifying note: the transcript contains an inconsistency in the roll-call names: an earlier roll call noted “Commissioner Friedman is absent,” while the consent roll calls recorded a “Commissioner Freeman” voting aye on 12.1 and a “Commissioner Friedman” voting on 12.2. That inconsistency is noted below in clarifying_details for verification with the official minutes.
