Long Beach, CA
File #: 16-019CI    Version: 1 Name: Beachwood HOME Loan
Type: CI-Agenda Item Status: Approved
File created: 8/11/2016 In control: The Long Beach Community Investment Company
On agenda: 8/17/2016 Final action: 8/17/2016
Title: Recommendation to 1) Approve a HOME loan in the amount of $2,100,000 to Century Affordable Development, Inc. for the acquisition of the Beachwood Apartments located at 505 West 6th Street and 475 West 5th Street; 2) Authorize the President to negotiate an Affordable Housing Loan Agreement with Century Affordable Development; and, 3) Authorize the President to execute any and all documents necessary to implement the Loan Agreement and the project.
Attachments: 1. Staff Report_Beachwood.pdf, 2. Attachment A.pdf, 3. Attachment B.pdf
Related files: 16-0859

TITLE

Recommendation to

 

1) Approve a HOME loan in the amount of $2,100,000 to Century Affordable Development, Inc. for the acquisition of the Beachwood Apartments located at 505 West 6th Street and 475 West 5th Street;

 

2) Authorize the President to negotiate an Affordable Housing Loan Agreement with Century Affordable Development; and,

 

3) Authorize the President to execute any and all documents necessary to implement the Loan Agreement and the project.

 

 

SUGGESTED ACTION

Approve recommendation.