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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: March 19, 2019 <br /> Agenda <br /> Item No. 6-a <br /> SUBJECT: Approval of a Financial Assistance Award to Community Home Trust for the <br /> Landings at Winmore Apartment Complex <br /> DEPARTMENT: Housing and Community <br /> Development <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> (1) FY 2019-2020 Projections Sherrill Hampton, Housing and <br /> (2) 10-Year Replacement Reserve Community Development Director, <br /> Analysis (919) 245-2490 <br /> (3) Draft Resolution <br /> PURPOSE: To adopt a resolution: <br /> 1) Approving a $60,000 financial assistance award to Community Home Trust (CHT) to <br /> assist in ensuring adequate operational and capital reserves as it relates to the <br /> Landings at Winmore Apartment Complex; and <br /> 2) Authorizing the County Manager to execute the necessary agreement with Community <br /> Home Trust (CHT) as it relates to the $60,000 financial assistance award and include <br /> the necessary reporting requirements in order to periodically review performance and <br /> ongoing improvement of the identified challenges at the Landings at Winmore <br /> Apartment Complex. <br /> BACKGROUND: On February 15, 2019, CHT Executive Director Robert Dowling submitted a <br /> request to the County Manager for financial assistance to aid the recently acquired Landings at <br /> Winmore Apartment Complex as it relates to the complex's operational and capital reserves. <br /> See below for additional information points: <br /> Information Points <br /> ■ On May 4, 2011, Orange County made a $300,000 loan to the Landings at Winmore for the <br /> development of the 58-unit apartment complex. The loan came from the federal HOME <br /> Program funds and the interest rate is 2% per year. The loan matures in May 2041. <br /> ■ Community Home Trust (CHT) bought the apartment complex on December 29, 2017 and <br /> assumed the loan from the County. <br /> ■ The balance of the capital structure for the Landings is as follows: <br /> o An AHP $1,440,000 First Loan originated by Bank of America with a 2% interest rate <br /> and matures in December 2030. <br />