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County to accept mortgage satisfaction and sale terms for Jeffrey Square affordable housing
Summary
County staff and Penrose Properties recommended mortgage satisfaction of $900,000 tied to the sale of Jeffrey Square (36 affordable units in Chester). Presenters said the buyer will invest capital to upgrade units and affordability restrictions remain in place through 2043.
County staff sought council approval to accept a $900,000 mortgage satisfaction tied to a proposed transfer of ownership for Jeffrey Square, a 36-unit affordable housing property at 1133 Hyatt Street in Chester.
"This property is providing 36 units of affordable housing and was jointly supported with county funding," Phil Wells explained, outlining the property's loan history and prior modifications that extended affordability requirements. He said a potential buyer with experience managing smaller properties proposed post-purchase capital renovations including exterior lighting, HVAC upgrades, kitchen and bathroom modernization, parking and stormwater improvements.
Mark Dambley (Penrose Properties' board chair) described the buyer as "qualified" and said the planned investment would preserve affordability under the deed restriction in place through 2043. Wells and Dambley said the sale would return $900,000 to the county home program for future affordable-housing work. Council took questions about valuation and accounting adjustments; one council member noted the comptroller had flagged potential accounting changes that the county would reconcile.
Council moved the item to the consent agenda after discussion. Staff said details on the buyer's proposed capital plan and the county's accounting adjustments would be available as part of the project's approval process.
