FINANCIAL_SERVICESAPPROVED

Housing Authority of the County of Monterey Board of Commissioners Agenda April 2026

HACM Approves $400,000 Fairview Loan from HDC

$400,000Housing Authority of the county of MontereyMONTEREY COUNTY HOUSING DEVELOPMENT CORPORATIONApril 27, 2026

Trusted by teams at

Description

The Housing Authority of the County of Monterey approved Resolution 3156 to obtain a $400,000 loan from Monterey County Housing Development Corporation for Fairview project startup operating costs. Repayment will begin 60 days after full lease-up, using 40% of monthly net income and full repayment within the following 12 months.

Contract Details

Contract Amount

$400,000

Vendor

MONTEREY COUNTY HOUSING DEVELOPMENT CORPORATION

Agency

Housing Authority of the county of Monterey, CA

Contract Type

FINANCIAL_SERVICES

Document Date

April 27, 2026

Contract Term

Repayment begins 60 days after Fairview reaches 100% lease-up; 40% of monthly net income until remaining principal is paid within 12 months thereafter

Renewal Info

Single loan with promissory note; no renewals described. Payments begin 60 days after 100% occupancy, with 40% of monthly net income applied and remaining principal due within 12 months, or sooner if operations allow.

More from MONTEREY COUNTY HOUSING DEVELOPMENT CORPORATION