Long Beach, CA
File #: 18-017CI    Version: 1 Name: HOPE_Redondo Avenue_Staff Report
Type: CI-Agenda Item Status: Approved
File created: 4/11/2018 In control: The Long Beach Community Investment Company
On agenda: 4/18/2018 Final action: 4/18/2018
Title: Recommendation to 1. Approve an increase in the amount of $344,520 to the Notice of Funding Availability of HOME CHDO funds awarded to Home Ownership for Personal Empowerment on September 20, 2017; 2. Approve a loan in the amount of $875,920 in HOME CHDO funds to Home Ownership for Personal Empowerment for the acquisition and rehabilitation of the property located at 116 Redondo Avenue; 3. Authorize the President to negotiate an Affordable Housing Loan Agreement with Home Ownership for Personal Empowerment; and, 4. Authorize the President to execute any and all documents necessary to implement the Loan Agreement and the project.
Attachments: 1. 116 Redondo Ave_Staff Report.pdf, 2. 116 Redondo Ave_Attachment A.pdf, 3. 116 Redondo Ave_Attachment B.pdf

TITLE

Recommendation to

1. Approve an increase in the amount of $344,520 to the Notice of Funding Availability of HOME CHDO funds awarded to Home Ownership for Personal Empowerment on September 20, 2017;

 

2. Approve a loan in the amount of $875,920 in HOME CHDO funds to Home Ownership for Personal Empowerment for the acquisition and rehabilitation of the property located at 116 Redondo Avenue;

 

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

 

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

 

SUGGESTED ACTION

Approve recommendation.