TITLE
Recommendation to:
1) Approve a reallocation of $13,145,000 in construction financing and an increase in the permanent financing commitment to $10,143,000 for the Senior Artist Colony and the 39-unit affordable senior components of the proposed development at Long Beach Boulevard and Anaheim Street, with conditions;
2) Approve the following modifications to the Senior Artist Colony building:
a. Increase number of units from 147 to 161;
b. Change the affordability from 80% market-rate and 20% affordable to 100% affordable; and
3) Authorize the President or designee to execute any and all documents necessary to implement the affordability modification and the reallocation of funds.
SUGGESTED ACTION
Approve recommendation.