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File #: 16-3021   
Type: Consent Item Status: Agenda Ready
In control: Board of Commissioners
On agenda: 10/19/2020 Final action:
Title: Assumption of Multifamily Affordable Housing Loan for 907 Method Road, Raleigh
Attachments: 1. Family Promise 907 Method Road Loan Assumption DRAFT V.3.pdf, 2. Site Map.pdf

Title

Assumption of Multifamily Affordable Housing Loan for 907 Method Road, Raleigh

Recommendation Action:

That the Board of Commissioners:

 

1.                     Approves the execution of the assumption agreement with the current loan balance to allow Cornerstone Fund Two LLC to assume the loan for the property at 907 Method Road, Raleigh, NC from Family Promise of Wake County, Inc., subject to terms and conditions acceptable to the County Attorney; and

 

2.                     Authorizes the Chair to execute required documents subject to terms and conditions acceptable to the County Attorney.