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Board postpones vote on Jamboree affordable-housing financing after debate over developer fees
Summary
A contentious discussion over a financing and assignment package for three Mendocino properties (about 186 units) ended with the board continuing the item to Aug. 13. Supervisors raised concerns about developer fees, intra-affiliate sales and the financing waterfall; staff said no new county funds were requested.
A planned vote on a series of loan assignments and extended affordability covenants for three Mendocino properties was continued to Aug. 13 after heated debate at the Orange County Board of Supervisors' July 23 meeting.
OC Community Resources staff described the proposal as an assignment and assumption of HOME and successor loans and an amendment to regulatory agreements to extend affordability covenants by 55 years for…
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