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County Administrator's Report 11. 5.

BCC Regular Meeting

Technical/Public Service Consent

Meeting Date:	06/04/2020
Issue: Loan Subordination Policy
From:	CLARA LONG
Department:	Neighborhood & Human Svcs
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Loan Subordination Policy - Clara Long, Neighborhood & Human Services Department Director

That the Board adopt the revised Loan Subordination Policy.

BACKGROUND:

The Board discussed the Loan Subordination Policy in relation to County loans offered through the Neighborhood & Human Services Department at its May 7, 2020, meeting and directed staff to bring all requests to the Board in lieu of administrative approval in certain cases. This Recommendation cleans up the language in the policy as directed by the Board and the County Attorney's office to remove all references to administrative approval. A redline version of the policy is provided as Exhibit I, with the clean revised version provided as Exhibit II.

BUDGETARY IMPACT:

N/A - The County will not be responsible for any recording fees or closing costs generated by a property owner's request for subordination.

LEGAL CONSIDERATIONS/SIGN-OFF:

The Loan Subordination policy has been reviewed and approved by the County Attorney's office.

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

This new policy would allow for a loan subordination in certain circumstances after review and approval by the Board.

IMPLEMENTATION/COORDINATION:

The Policy will be implemented by the Neighborhood & Human Services Department in conjunction with the County Attorney's office as necessary.

Attachments
Ex I-Loan Subordination Policy REDLINE version
Ex II-Loan Subordination Policy CLEAN version