Housing Authority approves transfer and loan assumption for Cypress Ridge Apartments; receives financial, pipeline and HUD‑VASH updates
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Meeting of the City of Santa Rosa Housing Authority on February 23, 2026 at City Hall Council Chamber. The Authority conditionally approved transfer of ownership and loan assumption for Cypress Ridge Apartments (1815 Meda Avenue). Staff provided informational updates on the FY 2025/26 Q2 financials, the pending development pipeline, and HUD‑VASH operating requirements. Public commenters raised Section 8 paperwork timing and property management concerns.
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Key decisions
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- Adopted the Housing and Community Services Department recommendation to conditionally approve transfer of ownership of Cypress Ridge Apartments (1815 Meda Avenue) from Meda Cypress Ridge, L.P. to Post Cypress Ridge, L.P.; to approve assumption of the Housing Authority Regulatory Agreement and loans (principal $1,881,729); to extend the Housing Authority loan maturity from October 27, 2049 to December 10, 2059; and to subordinate the Housing Authority loans to a first mortgage of approximately $14.1 million to allow the sale. Motion carried 6–0 (Commissioner Downey absent).
- Approved the draft minutes of January 26, 2026 as submitted.
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