File #: 201234   
Type: Consent Calendar Status: Agenda Ready
Meeting Body: City Council
On agenda: 10/12/2021
Title: 1100 La Avenida-Affordable Housing Development Appropriation of Funding
Indexes: 1100 La Avenida, Affordable Housing, Affordable Housing NOFA, Eden Housing
Attachments: 1. Council Report, 2. ATT 1 - NOFA Proposal: City Council Meeting December 8, 2020, 3. ATT 2 - SB 35 Ministerial Approval Letter
Related files: 200029

...Title

1100 La Avenida-Affordable Housing Development Appropriation of Funding

...Recommendation

1.                     Appropriate $13,700,000 in Below-Market-Rate funds for Eden Housing Management, Inc.’s 100-unit affordable housing development located at 1100 La Avenida.  (Five votes required)

 

2.                     Authorize the City Manager or designee to negotiate the loan and agreement terms and execute a funding commitment letter, loan agreement, and related loan documents.