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Council consents to housing authority loan-extension and transfer to preserve affordability at two tax‑credit properties
Summary
Council reviewed a Monterey County Housing Authority proposal to take ownership interest from limited partners in two tax‑credit properties at the end of their 15‑year compliance period, extending loans for one year to allow re‑syndication; staff said rents and existing affordability requirements will remain unchanged.
The City Council heard from housing authority representatives about a proposed transfer of investor interests and a short extension of community investment loans for two affordable housing properties that are completing the 15‑year low‑income housing tax‑credit compliance period.
Stelika Boykin, executive director for the Monterey County Housing Authority, explained the mechanics: when tax‑credit…
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