26-0068
Approve and authorize Chairman, upon Self-Help Enterprises (in their capacity as the General Partner for the Reedley Elderly L.P.) having secured firm, written commitments and executable documents of all necessary funding sources prior to March 30, 2026, and upon review and approval by the Department of Public Works and Planning (Department) as to final underwriting and subsidy layering analyses, County Counsel as to legal form, and Auditor-Controller/Treasurer-Tax Collector (ACTTC) as to accounting form, to execute the HOME Agreement with Reedley Elderly L.P. to effect a loan of Federal U.S. Department of Housing and Urban Development (HUD) HOME Investment Partnerships (HOME) program funds at anywhere from 0% to 3% simple interest, with loan repayment terms (inclusive of later conversion to a grant) and an Affordability Period and loan period of anywhere from 15 to 55 years, each as may be mutually agreeable to both County and Reedley Elderly L.P., and in support of the County’s underwriting requirements for the preservation, rehabilitation, and operation of 11 units within the 23-unit Reedley Heritage (formerly Reedley Elderly), an affordable multifamily senior rental housing project in the City of Reedley (the Reedley Project), effective upon execution, for an estimated term of 16 to 58 years, so long as the document (A) is similar to the example HOME Agreement provided here and does not contain terms materially adverse to the County, (B) is consistent with the County’s underwriting requirements, (C) is not in conflict with Federal funding requirements, and (D) when available, electronic copies of the final executed document is added to the County’s systems of record; (up to $2,000,000); and approve and authorize Chairman, only upon his immediately prior execution of the HOME Agreement for Reedley Elderly L.P., and subject to review and approval by County Counsel as to legal form and ACTTC as to accounting form, to execute (and if applicable record) loan and related documents necessary to the Reedley Project, including but not limited to, the Regulatory Agreement and Declaration of Restrictive Covenants, the Promissory Note, the Deed of Trust, any required subordination agreements that align with the final lien order, and other necessary documents and amendments for the purpose of developing the Reedley Project so long as the documents (A) are similar to the example documents provided here, and all documents (B) contain no terms materially adverse to the County, (C) are consistent with the County’s underwriting requirements, (D) are not in conflict with Federal funding requirements, and (E) when available, electronic copies of all final executed documents are added to the County’s systems of record; and approve and authorize Chairman, upon Self-Help Enterprises (in their capacity as the General Partner for the Selma Elderly L.P.) having secured firm, written commitments and executable documents of all necessary funding sources prior to March 30, 2026, and upon review and approval by the Department of Public Works and Planning (Department) as to final underwriting and subsidy layering analyses, County Counsel as to legal form, and ACTTC as to accounting form, to execute the HOME Agreement with Selma Elderly L.P. to effect a loan of Federal HUD HOME program funds at anywhere from 0% to 3% simple interest, with loan repayment terms (inclusive of later conversion to a grant) and an Affordability Period and loan period of anywhere from 15 to 55 years, each as may be mutually agreeable to both County and Selma Elderly L.P., and in support of the County’s underwriting requirements for the preservation, rehabilitation, and operation of 11 units within the 24-unit Selma Heritage (formerly Selma Elderly), an affordable multifamily senior rental housing project in the City of Selma (the Selma Project), effective upon execution, for an estimated term of 16 to 58 years, so long as the document (A) is similar to the example HOME Agreement provided here and does not contain terms materially adverse to the County (subject to County Counsel’s determination), (B) is consistent with the County’s underwriting requirements, (C) is not in conflict with Federal funding requirements, and (D) when available, electronic copies of the final executed document is added to the County’s systems of record; (up to $2,000,000); and approve and authorize Chairman, only upon his immediately prior execution of the HOME Agreement for Selma Elderly L.P., and subject to review and approval by County Counsel as to legal form and ACTTC as to accounting form, execute (and if applicable record) loan and related documents necessary to the Selma Project, including but not limited to, the Regulatory Agreement and Declaration of Restrictive Covenants, the Promissory Note, the Deed of Trust, any required subordination agreements that align with the final lien order, and other necessary documents and amendments as necessary for the purpose of developing the Selma Project so long as the documents (A) are similar to the example documents provided here, and all documents (B) contain no terms materially adverse to the County, (C) are consistent with the County’s underwriting requirements, (D) are not in conflict with Federal funding requirements, and (E) when available, electronic copies of all final executed documents are added to the County’s systems of record; and for both projects, if the first and second (Reedley project) and the third and fourth (Selma project) recommended actions are approved, approve and authorize Director of the Department of Public Works and Planning or designee, subject to review and approval by County Counsel as to legal form and ACTTC as to accounting form, to (A) approve limited extensions to the construction timeline for delays beyond the control of Reedley Elderly L.P. or Selma Elderly L.P., respectively, (B) amend the end date of the Agreement’s term in the County’s system of record, with notice to all parties, to align it with Federal administrative requirements and to ensure the conditions of the loan documents are satisfied, (C) complete estoppel certificates, (D) execute (and if applicable record) any required subordination agreements that align with the final lien order, and (E) execute any other necessary documents and amendments as necessary for the purpose of developing the each project
- Committee
- Public Works & Planning
- Requested by
- Public Works & Planning
- Introduced
- January 16, 2026
- On agenda
- March 17, 2026
- Passed
- March 17, 2026