County approves AHIF loans totalling $11.96M for Barcroft Apartments rehabilitation

On June 13 the County Board approved two AHIF loans to support rehabilitation of Barcroft Apartments. The Board authorized a $6,308,498 AHIF loan for the Bravo 1 Rehab Phase (61 units) and a $5,650,691 AHIF loan for the Bravo 2 Rehab Phase (53 units), and approved amendments to County loan documents, subordination and intercreditor agreements with lenders and with Amazon, and related escrow supplement agreements that describe handling of excess proceeds (SEG 759–783).

Board action included authorization for County trustees to execute subordination/intercreditor agreements and amendments to County Acquisition Fund Loan documents to reduce principal and release property security as described in the staff packet. The motion passed on the consent vote, recorded 5‑0. The staff report and attached loan documents were made part of the public record and the County Manager is authorized to execute final documents subject to County Attorney approval.