Long Beach, CA
File #: 10-068HC    Version: 1 Name: Meta Housing
Type: HC-Agenda Item Status: Approved
File created: 9/7/2010 In control: The Long Beach Housing Development Company
On agenda: 9/15/2010 Final action: 9/23/2010
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.
Sponsors: Community Development, The Long Beach Housing Development Company
Attachments: 1. Item 3-Staff Report.pdf, 2. Item 3-Attachment A.pdf, 3. Item 3-Attachment B- KMA Analysis.pdf
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.