☐ Consent Agenda ☐Quasi-Judicial Public Hearing
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DEPARTMENT: Social Services
SUBMITTED BY: Lauri Benson
PRESENTED BY: Lauri Benson
TITLE & DESCRIPTION:
title
Proposal/The Grey Rock Group
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REQUESTED MOTION:
To approve the proposal for assumption, resubordinating, and recast of the DeSoto Landing Apartments HHRP Loan to The Grey Rock Group, subject to the review and approval of the associated legal instruments by the County Attorney for legal sufficiency, and further authorizing the County Administrator or Chairman to execute all related documents.
SUMMARY:
The Grey Rock Group is purchasing DeSoto Landing Apartments and wish to continue the HHRP loan for another 20 years keeping the 48-unit affordable housing.
BACKGROUND:
DeSoto Landing entered a 20 year HHRP loan with DeSoto County for $875,000 to help fund the building of a 48-unit affordable housing community. The maturity date on this loan is 2026. The Grey Rock Group would like to purchase the DeSoto Landing Apartments and request a recast of the HHRP loan for another 20 years. There will be no changes to the current agreement, and they have submitted the attached proposal. This request ensures DeSoto Landing Apartments will continue to be affordable housing.
FUNDS:
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Actual Agenda Item: N/A
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Explanation: N/A