Adopt a resolution: A) Authorizing and directing the Director of the Department of Housing, or designee, to negotiate and execute, in consultation with the County Attorney, an agreement to assign certain Community Development Block Grant and HOME Investment Partnerships loan agreements and associated documents, dated in 1993 and 1994, from Oceana Senior Housing Corporation to Mercy Housing California 121, L.P.; and B) Authorizing and directing the Director of the Department of Housing, or designee, to negotiate and execute, in consultation with the County Attorney, an amended and restated Community Development Block Grant and HOME Investment Partnerships loan agreement and associated documents to provide a restated loan balance, promissory notes, deeds of trust and regulatory agreement to ensure continued affordability of the project in connection with its acquisition and rehabilitation by Mercy Housing California 121, L.P.; and C) Authorizing and directing the Director of the Department of Housing, or designee, to negotiate and execute, in consultation with the County Attorney, all documents, agreements, certificates, extensions and instruments as necessary to facilitate the closing of the transaction, to provide the amended and restated loan documents, and to effectuate the purposes of this resolution. d

Resolution Passed Introduced March 24, 2026

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