RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION AUTHORIZING:
(1) THE TERMINATION OF THE EXISTING SECTION 108 LOAN AGREEMENT, NOTE AND DEED OF TRUST WITH NORTHPOINT HOUSING, INC. FOR $10,745,000 WITH TRESTLE GLEN APARTMENTS AND EXECUTION OF A NEW SECTION 108 LOAN AGREEMENT WITH MCB FAMILY HOUSING, INC. FOR $7,145,000 FOR THE DEVELOPMENT OF TRESTLE GLEN AT EL CAMINO VILLAGE FOR A TERM OF 55 YEARS; AND (2) THE DIRECTOR OF THE DEPARTMENT OF HOUSING OR THE DIRECTOR’S DESIGNEE TO EXECUTE CONTRACT AMENDMENTS OR OTHER DOCUMENTS AS MAY BE APPROPRIATE TO ACHIEVE THE INTENT OF THE AGREEMENTS, SO LONG AS THE COUNTY’S COUNTY'S MAXIMUM FISCAL OBLIGATION IS NOT MODIFIED BY NO MORE THAN $25,000 IN AGGREGATE

RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

WHEREAS, Trestle Glen Apartments at El Camino Transit Village (the “Project”), is a multifamily affordable housing project located adjacent the Colma BART Station that is under development by BRIDGE Housing Corporation, and which has appeared before the Board six previous times since November 2005, primarily to request approvals related to funding; and

WHEREAS, the Board has approved the following funding related to the Project: CDBG $621,508; HOME $1,378,492; HELP $1,500,000 through the California Housing Finance Agency; and Section 108 Loan Program for up to $10,745,000 through HUD; and

WHEREAS, because the various funding sources impose specific restrictions on their uses and the Project has proceeded well along in its development phase, it has now become necessary to restructure the existing financing that has already been approved; and

WHEREAS, the Original Section 108 Loan for up to $10,745,000 was approved for Bridge affiliate Northpoint Housing, Inc., but such loan was never funded; and

WHEREAS, the financing restructuring calls for the Northpoint Housing Inc. loan to be terminated and a new Section 108 Loan for $7,145,000 to be made to non-profit BRIDGE affiliate MCB Family Housing, Inc.; and

WHEREAS, there has been presented to this Board of Supervisors for its consideration and acceptance an agreement terminating the Northpoint Housing Inc. loan (the “Termination Agreement”) and an Agreement and other documents in connection with the Section 108 Loan to MCB Family Housing, Inc. (the “MCB Section 108 Loan Agreement”), reference to which is hereby made for further particulars, and the Board of Supervisors has examined and approved the same as to form and content and desires to enter into the same.

NOW, THEREFORE, IT IS HEREBY RESOLVED that the President of this Board of Supervisors be, and is hereby authorized and directed to execute said Termination Agreement and MCB Section 108 Loan Agreement for and on behalf of the County of San Mateo, and the Clerk of this Board shall attest the President’s signature thereto.

BE IT FURTHER RESOLVED, that the Director of the Department of Housing or the Director’s designee shall be authorized to execute contract amendments and other documents as may be appropriate to achieve the intent of each of the above-referenced Agreements, so long as said amendments and other documents do not modify the County's maximum fiscal obligations by more than $25,000 (in aggregate for each Agreement).