Long Beach, CA
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File #: 17-039CI    Version: 1 Name: HOPE Loan Agreement_2800 Baltic Ave.
Type: CI-Agenda Item Status: Approved
File created: 11/1/2017 In control: The Long Beach Community Investment Company
On agenda: 11/8/2017 Final action: 11/8/2017
Title: Recommendation to 1. Approve a loan in the amount of $165,800 in HOME CHDO funds to Home Ownership for Personal Empowerment for the acquisition and rehabilitation of the property located at 2800 Baltic Avenue, or a comparable property at the same cost; 2. Authorize the President to negotiate an Affordable Housing Loan Agreement with Home Ownership for Personal Empowerment; and, 3. Authorize the President to execute any and all documents necessary to implement the Loan Agreement and the project.
Attachments: 1. 2800 Baltic Avenue_Staff Report.pdf, 2. 2800 Baltic Avenue_Attachment A.pdf, 3. 2800 Baltic Avenue_Attachment B.pdf

TITLE

Recommendation to

1. Approve a loan in the amount of $165,800 in HOME CHDO funds to Home Ownership for Personal Empowerment for the acquisition and rehabilitation of the property located at 2800 Baltic Avenue, or a comparable property at the same cost;

 

2. Authorize the President to negotiate an Affordable Housing Loan Agreement with Home Ownership for Personal Empowerment; and,

 

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

 

SUGGESTED ACTION

Approve recommendation.