Long Beach, CA
File #: 23-002CI    Version: 1 Name: CDBG funds to Jamboree Housing Corporation
Type: CI-Agenda Item Status: Approved
File created: 1/12/2023 In control: The Long Beach Community Investment Company
On agenda: 1/18/2023 Final action: 1/18/2023
Title: Recommendation to: 1. Approve the selection of Jamboree Housing Corporation (Jamboree) for an award of Community Development Block Grant (CDBG) funds in the amount of $2,100,000; 2. Approve a loan in the amount of $2,100,000 in CDBG funds to Jamboree for the acquisition of the property located at 101 East Pacific Coast Highway; 3. Authorize the President to negotiate an Affordable Housing Loan Agreement with Jamboree; and, 4. Authorize the President to execute any and all documents necessary to implement the Loan Agreement and the project.
Attachments: 1. 2023_01_18 - CDBG NOFA Jamboree - FINAL.pdf, 2. Attachment A - 2022 CDBG NOFA Final.pdf, 3. Attachment B - CDBG Site Map.pdf

TITLE

Recommendation to:

 

1.                     Approve the selection of Jamboree Housing Corporation (Jamboree) for an award of Community Development Block Grant (CDBG) funds in the amount of $2,100,000;

 

2.                     Approve a loan in the amount of $2,100,000 in CDBG funds to Jamboree for the acquisition of the property located at 101 East Pacific Coast Highway;

 

3.                     Authorize the President to negotiate an Affordable Housing Loan Agreement with Jamboree; and,

 

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

 

 

SUGGESTED ACTION

Approve recommendation.