REQUEST FOR
CORONA HOUSING AUTHORITY ACTION
DATE: 09/01/2021
TO: Honorable Chairperson and Board Members
FROM: Community Services Department
SUBJECT:
Title
Assignment, Assumption, and Consent Agreements and Subordination Agreement relating to River Run Senior Apartments between Avanath River Run, LP and the City of Corona Housing Authority.
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EXECUTIVE SUMMARY:
River Run Senior Apartments is a 360-unit affordable housing apartment complex owned and operated by Steadfast River Run, LP. The property is in the process of selling to Avanath River Run, LP. Steadfast received financial assistance from the former City of Corona Redevelopment Agency to develop the property and is under affordable housing terms and obligations for 55-years. In accordance with certain terms, the Corona Housing Authority is required to review and approve the transfer of ownership.
RECOMMENDED ACTION:
Recommended action
That the Board Members approve the transfer of ownership and authorize the Executive Director to execute the following agreements and all associated documents in furtherance of this action.
a. Assignment, Assumption, and Consent Agreement relating to River Run Senior Apartments Amended and Restated Affordable Housing Agreement.
b. Assignment and Assumption of Regulatory Agreement and Declaration of Restrictive Covenants relating to River Run Senior Apartments Project.
c. Subordination Agreement Governmental Entity for Regulatory Agreement.
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BACKGROUND & HISTORY:
On February 1, 2003, the former Redevelopment Agency of the City of Corona (Agency) and Steadfast River Run, L.P. (Owner) entered into an Amended and Restated Affordable Housing Agreement (AHA) for the development of a 360-unit senior affordable housing project known as River Run Senior Apartments.
In accordance with the AHA terms, the Owner agreed to acquire, construct, operate, and maintain the project affordability for 55 years at very low- and low-income levels. Very low income i...
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