Approve and authorize Chairman to execute an Agreement with Reedley I CIC, LP to loan HOME Investment Partnerships Program funds with deferred payments at 0% interest for development, construction, and operation of 11 units within 80-unit Willow Grove affordable multifamily rental housing project in City of Reedley effective upon execution, for 40 years following completion of construction and closure of project in Federal Integrated Disbursement & Information System ($1,820,000); and approve and authorize Director of Department of Public Works and Planning, or Acting Director, or designee identified in writing, to approve limited extensions to construction timeline for delays out of control of Reedley I CIC, LP and amend end date of Agreement’s term in County’s system of record, with notice to all parties, for purpose of aligning it with Federal administrative requirements and to ensure the conditions of loan documents are satisfied; and authorize Director of Department of Public Works and Planning, or Acting Director, or designee identified in writing, such that upon review and approval by County Counsel as to legal form and Auditor-Controller/Treasurer-Tax Collector as to accounting form, Director may execute (and if applicable, record) in name of County: (A) Regulatory Agreement and Declaration of Restrictive Covenants, (B) Promissory Note, (C) Deed of Trust, and (D) subordination documents that do not alter County’s lienholder positions and do not cause amount of superior loans to exceed $42,000,000; and authorize Director of Department of Public Works and Planning, or Acting Director, or designee identified in writing, such that upon review and approval by County Counsel as to legal form and Auditor-Controller/Treasurer-Tax Collector as to accounting form, Director may execute loan and related documents necessary to Willow Grove Project, including, but not limited to, Regulatory Agreement and Declaration of Restrictive Covenants, Promissory Note, Deed of Trust, any required subordination agreements and estoppel certificates, and other necessary documents and amendments thereto as shall be necessary for the purpose of developing the Project so long as the documents (A) do not contain material changes and terms materially adverse to County’s position (subject to County Counsel’s determination), (B) are consistent with County’s underwriting requirements, (C) not in conflict with Federal funding requirements, and (D) electronic copies of all final executed documents are added to County’s system of record

Agenda Item Approved Introduced February 6, 2024

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