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Housing Authority approves transfer and loan subordination for 400 Earl Street with one abstention
Summary
Vice Chair Downey presided over a conditional approval to transfer the 8-unit Earl Street Apartments to Humanity Housing of North Bay and to subordinate Housing Authority loans to a proposed first mortgage; the vote passed 4–0–1 (one abstention) after commissioners debated financing details and subordination.
With Chair Owen abstaining, Vice Chair Downey led discussion and a staff presentation on item 13.2: the proposed transfer of the 8-unit Earl Street Apartments at 400 Earl Street to Humanity Housing of North Bay (variously abbreviated in the transcript). Staff said the property is restricted at 50% AMI and that the housing authority currently holds loans on the property that mature in December 2028.
Staff presented a financing scenario in which the buyer would obtain a roughly $600,000 first mortgage, assume the housing…
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