City of Long Beach - File #: 19-030CI

• File #: 19-030CI
• Version: 1
• Name: Century-Woodbridge Loan
• Type: CI-Agenda Item
• Status: Approved
• File created: 8/14/2019
• In control: The Long Beach Community Investment Company
• On agenda: 8/21/2019
• Final action: 8/21/2019
• Title: Recommendation to: 1. Approve a HOME loan in the amount of $1.1 million to Century Affordable Development Inc. for the acquisition, rehabilitation, and preservation of 1117 Elm Avenue and 421 West 33rd Street; 2. Authorize the President to negotiate an Affordable Housing Loan Agreement with Century Affordable Development Inc.; and, 3. Authorize the President or designee to execute any and all documents necessary to implement the Loan Agreement and the project.

Date	Ver.	Action By	Action	Result
8/21/2019	1	The Long Beach Community Investment Company	approve recommendation	Pass

TITLE

Recommendation to:

1.                     Approve a HOME loan in the amount of $1.1 million to Century Affordable Development Inc. for the acquisition, rehabilitation, and preservation of 1117 Elm Avenue and 421 West 33^rd Street;

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

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