Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Transfer topic
No spam. Unsubscribe anytime.
Housing Authority conditionally approves transfer of Benton Veterans Village to PEP Housing
Summary
The Authority approved transfer of Benton Veterans Village (1055 Benton St.) from Community Housing Sonoma County to PEP Housing, with assumption of regulatory agreements and loans and loan maturity extensions to align with long-term affordability agreements; vote passed 6–0 (one absence).
The Housing Authority voted Jan. 26 to conditionally approve the transfer of Benton Veterans Village (1055 Benton St.), a seven-unit affordable property, from Community Housing Sonoma County (CHSC) to PEP Housing and to authorize assumption of housing authority regulatory agreements, density bonus covenants, project-based vouchers, and loans. The motion passed on roll call with six affirmative votes and Vice Chair Downey absent.
Coy Stewart presented the item, describing the property as a seven-unit complex restricted to households at up to 80% of area median income. Staff reported outstanding housing authority loans associated with the property (total housing authority loans cited at about $1,572,000 plus a city loan of roughly $895,448) and additional funding or loan commitments from state sources (MHCD/VHHP) and a Federal Home Bank loan program. Because the property’s regulatory agreement and density bonus obligations extend to Oct. 22, 2073, staff recommended extending the maturity dates of the Authority’s and city loans to align with that term.
Commissioners asked about current loan payments and long-term protections for affordability. Staff said they have not received residual cash receipts on the loans and that the regulatory agreement remains in force to protect affordability regardless of ownership type; loan terms can be extended to align with regulatory agreements if needed. Public commenters including Craig Meltzer, who consults for CHSC, supported the transfer and described the long-term intention to preserve affordable housing for veterans.
Motion: Commissioner Gregory Farren moved to approve the transfer of ownership and assumption of the housing authority regulatory agreement, density bonus agreement, project-based voucher housing assistance payment contract and loans for Benton Veterans Village and to authorize extensions of loan maturities to align with the regulatory terms; Commissioner Smith seconded. Roll call recorded six affirmative votes; the motion passed.
