Long Beach, CA
File #: 19-005CI    Version: 1 Name: CHDO NOFA
Type: CI-Agenda Item Status: Approved
File created: 2/13/2019 In control: The Long Beach Community Investment Company
On agenda: 2/20/2019 Final action: 2/20/2019
Title: Recommendation to 1. Approve the selection of Home Ownership for Personal Empowerment (HOPE) for an award of CHDO funds in the amount of $451,676; 2. Approve a loan in the amount of $150,000 in HOME CHDO funds to HOPE for the acquisition of the property located at 4734 Sunfield Avenue; 3. Approve a loan in the amount of $150,000 in HOME CHDO funds to HOPE for the acquisition of the property located at 6127 Keynote Street; 4. Approve a loan in the amount of $151,676 in HOME CHDO funds to HOPE for the acquisition of the property located at 6711 East 9th Street; 5. Authorize the President to negotiate Affordable Housing Loan Agreements with HOPE; and, 6. Authorize the President to execute any and all documents necessary to implement the Loan Agreements and the project.
Attachments: 1. CHDO NOFA - HOPE_Staff Report.pdf, 2. ATTACHMENT A - NOFA_CHDO.pdf, 3. ATTACHMENT B - NOFA_CHDO.pdf, 4. ATTACHMENT C - NOFA_CHDO.pdf

TITLE

Recommendation to

 

1. Approve the selection of Home Ownership for Personal Empowerment (HOPE) for an award of CHDO funds in the amount of $451,676;

 

2. Approve a loan in the amount of $150,000 in HOME CHDO funds to HOPE for the acquisition of the property located at 4734 Sunfield Avenue;

 

3. Approve a loan in the amount of $150,000 in HOME CHDO funds to HOPE for the acquisition of the property located at 6127 Keynote Street;

 

4. Approve a loan in the amount of $151,676 in HOME CHDO funds to HOPE for the acquisition of the property located at 6711 East 9th Street;

 

5. Authorize the President to negotiate Affordable Housing Loan Agreements with HOPE; and,

 

6. Authorize the President to execute any and all documents necessary to implement the Loan Agreements and the project.

 

SUGGESTED ACTION

Approve recommendation.