a. Approve and authorize borrower Rippling River Affordable Housing Limited Partnership, a California limited partnership, to refinance the first lien through JPMorgan Chase Bank, N.A. for an amount of $6,000,000 and issue a Subordination Agreement placing the County of Monterey’s $1,262,500 loan in a subordinate collateral position to JPMorgan Chase Bank’s loan; and b. Approve and authorize the Housing and Community Development Director or his designee to execute the approved Subordination Agreement (Affordable) and any minor amendments which do not significantly alter the scope of work or the County’s security position in the Rippling River Apartments housing development.

General Agenda Item Passed Introduced April 28, 2026

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