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The proposal includes assignment of the loan to a successor California limited partnership, modifications to waive an early payoff requirement and clarify a 55-year term from the original funding date, and approval of subordination to existing or new first deed of trust lenders up to stated principal limits. It also seeks approval for subordination to AHP lender debt financing and authorization for the President & CEO to execute required documents.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":35,"@type":76,"position":81},"https://docshare.wps.com/document/healthcare/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/paseo-glenn-apartments-loan-modification-report-no-hcr13-007/399711/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/paseo-glenn-apartments-loan-modification-report-no-hcr13-007/399711.png","ImageObject",300,407,{"name":92,"@type":93},"Aria Callaghan","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-31","2026-09-27",true,{"@type":102,"interactionType":103,"userInteractionCount":24},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What action does the report request regarding the Housing Commission’s existing residual receipts loan?","Question",{"text":112,"@type":113},"Approve a loan modification so the borrower can partner with another entity and restate the loan to clarify that the loan term is 55 years measured from the original funding date.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What are the key staff-recommended steps for modifying the loan structure?",{"text":117,"@type":113},"Approve assignment of the existing residual receipts loan to a to-be-formed California limited partnership, modify the promissory note and deed of trust, and approve subordination to first deed of trust lenders and AHP lender debt financing within specified dollar limits.",{"name":119,"@type":110,"acceptedAnswer":120},"Who is authorized to implement the approved actions?",{"text":121,"@type":113},"The President & Chief Executive Officer of the Housing Commission, or a designee, to execute necessary documents and take actions approved by General Counsel and/or Bond Counsel.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},399711,1790922623,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":34,"category_name":35,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":24,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145,"preview_page_count":4},962084926284,"https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0","REPORT  \nDATE ISSUED: December 18, 2012 REPORT NO: HCR13-007  \nATTENTION: Chair and Members of the San Diego Housing Commission  \nFor the Agenda of January 18, 2013  \nSUBJECT: Paseo Glenn Apartments Loan Modification  \nCOUNCIL DISTRICT: 3  \nREQUESTED ACTION:  \nApprove the loan modification of the San Diego Housing Commission’s existing residual receipts loan for the Paseo Glenn Apartments, so that the borrower may proceed with its plan to partner with another entity and to restate the loan to clarify the 55-year term of the loan measured from the original date of the loan.  \nSTAFF RECOMMENDATION:  \nThat the San Diego Housing Commission (“Housing Commission”) approve the following actions regarding the Housing Commission’s existing residual receipts loan for the Paseo Glenn Apartments:  \n1) Assignment of the Housing Commission’s existing residual receipts loan by the current borrower, The Association for Community Housing Solutions (“TACHS”), to a to-be-formed California limited partnership, of which the co-general partners will be TACHS and Community Housing Works (“CHW”) or TACHS and CHW affiliates as limited liability companies. The composition and documentation of such successor entities as well as the documentation concerning the assignment shall be subject to the approval of the President & Chief Executive Officer (“President & CEO”) of the Housing Commission upon the advice of General Counsel of the Housing Commission.  \n2) Waive the requirement of the borrower’s Promissory Note that all principal and accrued interest shall be due and payable within one year of the pay-off of a first deed of trust loan from California Bank and Trust, and modification of the Promissory Note and Deed of Trust to restate the loan to clarify that the term of the Promissory Note and the Deed of Trust is 55 years from the original date the loan was funded, and that the Promissory Note is to be paid off 55 years after the initial execution date of the Promissory Note. Approve the subordination of the Housing Commission’s existing residual receipts loan to the existing first deed of trust lender or to a new first position deed of trust lender in an amount not to exceed three hundred forty thousand dollars ($340,000) and with interest rate not to exceed five percent (5 .0%) and term not to exceed 20 years. Also approve subordination to Affordable Housing Program lender bank (“AHP lender”) debt financing in an amount not to exceed two hundred thousand dollars ($200,000) .  \n3) Authorize the President & CEO of the Housing Commission, or a designee, to execute all necessary documents as approved by General Counsel and/or Bond Counsel and to take such actions as are necessary to implement these approvals.  \nSUMMARY  \nPaseo Glenn Apartments consists of two apartment buildings each containing six studio units and an adjacent 2-bedroom single-family residence located on the western part of Mission Hills at 1851-1865 Titus Street. The detached residence on site was originally constructed in 1924, while the two apartment buildings were constructed in 1959. All three structures have significant capital replacement needs.  \nTACHS purchased Paseo Glenn Apartments in 2003 for use as permanent supportive housing for very low-income mentally ill residents capable of independent living. The twelve apartments are restricted at 50 percent of the Area Median Income (“AMI”) . The manager’s unit is restricted at 80 percent AMI. In 2003 the Housing Commission made a Rehabilitation and Permanent Financing Loan (“Loan Agreement”) to TACHS in the amount of $591,881, partially funded by HOME program funds. The Housing Commission loan was a residual receipts loan at 3 percent simple interest, secured by a subordinate deed of trust. The loan payment to the Housing Commission was 50 percent (50%) of residual receipts for the first three years, followed by the greater of 50 percent (50%) of residual receipts or a minimum annual payment of $3,895 .00 beginning in the fourth ye","cbCaiqq4X6JhPUCQ","https://ap.wps.com/l/cbCaiqq4X6JhPUCQ","pdf",9250370,149,"English","# REQUESTED ACTION\n# STAFF RECOMMENDATION\n## Assignment and restructuring of the residual receipts loan\n## Waiver and promissory note/deed of trust restatement\n## Authorization to execute necessary documents\n# SUMMARY","[{\"question\":\"What action does the report request regarding the Housing Commission’s existing residual receipts loan?\",\"answer\":\"Approve a loan modification so the borrower can partner with another entity and restate the loan to clarify that the loan term is 55 years measured from the original funding date.\"},{\"question\":\"What are the key staff-recommended steps for modifying the loan structure?\",\"answer\":\"Approve assignment of the existing residual receipts loan to a to-be-formed California limited partnership, modify the promissory note and deed of trust, and approve subordination to first deed of trust lenders and AHP lender debt financing within specified dollar limits.\"},{\"question\":\"Who is authorized to implement the approved actions?\",\"answer\":\"The President \\u0026 Chief Executive Officer of the Housing Commission, or a designee, to execute necessary documents and take actions approved by General Counsel and/or Bond Counsel.\"}]","Paseo Glenn Apartments Loan Modification - Report No HCR13-007 | PDF",1790500813,375]