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Committee backs HPF budget-language change pending bond counsel, saying it could increase flexibility
Summary
The committee supported a staff recommendation to change Housing Production Fund budget language to allow short-term loan repayment extensions beyond five years — pending bond counsel and financial-advisor review — to give HOC flexibility during project timing gaps.
Council staff described a proposed change in budget language that would allow the Housing Opportunities Commission to grant short-term extensions for Housing Production Fund (HPF) loans beyond the existing five-year repayment expectation when projects face timing gaps.
"Allowing HOC to grant these short term extensions for loan repayments would allow projects to continue to take advantage of the relatively low interest rates of the HPF loan during a period when the HPF funding would not otherwise be loaned out to the next project," staff summarized. HOC representatives and committee members framed the change as a non-funding, language-only tweak that could modestly increase revenue for both HOC and the county by keeping HPF funds deployed at higher effective returns than idle cash balances.
The committee supported forwarding the language change to full council but asked staff to confirm with bond counsel and the county's financial advisor that the modification poses no legal or financing conflicts. "We would approve it pending feedback from counsel, from bond counsel essentially and our financial advisor," the chair said.
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