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San Marcos council approves loan amendments to fund repairs, extend Terracotta Apartments affordability to 2079
Summary
The council unanimously approved amended loan and regulatory agreements with Terracotta Housing Associates LP to refinance the 168‑unit Terracotta Apartments, fund needed repairs, and extend affordability covenants through 2079; staff said no resident relocations are required.
Sylvia Daniels, city housing staff, told the council the Terracotta Apartments project would refinance its permanent loan to cover maintenance and replacement items including HVAC and boiler replacements, balcony repairs and improvements to common spaces. She said approving amended and restated loan agreements and associated regulatory documents would require subordination of existing debt and would extend affordability controls for the…
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