Long Beach, CA
File #: 19-036CI    Version: 1 Name: Approval of a CDBG Loan to Century Affordable Development, Inc. for the Acquisition of 6801 Atlantic Avenue (CD 9)
Type: CI-Agenda Item Status: Approved
File created: 10/9/2019 In control: The Long Beach Community Investment Company
On agenda: 10/16/2019 Final action: 10/16/2019
Title: Recommendation to: 1. Approve a CDBG loan in the amount of $1.5 million to Century Affordable Development Inc. for the acquisition of 6801 Atlantic Avenue; 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.
Attachments: 1. Century - 6801 Atlantic Avenue.pdf, 2. Century - 6801 Atlantic Avenue - Attachment A.pdf, 3. Century - 6801 Atlantic Avenue - Attachment B.pdf, 4. Century - 6801 Atlantic Avenue - Attachment C.pdf

TITLE

Recommendation to:

1.                     Approve a CDBG loan in the amount of $1.5 million to Century Affordable Development Inc. for the acquisition of 6801 Atlantic Avenue;

 

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.

 

 

SUGGESTED ACTION

Approve recommendation.