a. Approve subordination agreements that will place the County’s loan in a lower collateral position behind loans from the California Department of Housing & Community Development HOME and HOME ARP programs; and b. Approve Amendment No. 2 to the Declaration of Affordability Covenants that will reduce the number of income restricted bedrooms for the project but results in more affordable units being available overall. c. Authorize the Director of Housing and Community Development to sign two Subordination Agreements, and Amendment No. 2 to the Declaration of Affordability Covenants for Shelter Cove (City of Marina).

Committee

Board of Supervisors

Requested by

Housing and Community Development

Introduced

June 2, 2026

On agenda

June 23, 2026

Passed

June 23, 2026

Where it was heard

Board of Supervisors Jun 23, 2026 approved Pass

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