Long Beach, CA
File #: 11-033HC    Version: 1 Name: Evergreen Apartments - 68 St. & Freeman Ave.
Type: HC-Agenda Item Status: Approved
File created: 6/8/2011 In control: The Long Beach Housing Development Company
On agenda: 6/15/2011 Final action: 6/15/2011
Title: Recommendation to: 1. Approve a loan of up to $2,702,000 to a to-be-formed partnership, in which Abode Communities or its affiliate acts as the general partner, for the rehabilitation of the apartment buildings located at 1801 and 1823 E. 68th Street, and 1528 Freeman Avenue, with conditions; 2. Authorize the President or designee to negotiate and enter into a Loan Agreement with a to-be-formed partnership, in which Abode Communities or its affiliate acts as the general partner; 3. Authorize the President or designee to execute any and all documents necessary to implement the Loan Agreement; and 4. Authorize the reconveyance of the existing LBHDC affordability covenants to allow for a new 55-year covenant.
Sponsors: The Long Beach Housing Development Company, Development Services
Attachments: 1. Item 3 - Evergreen Apts.pdf
TITLE
Recommendation to:
 
1.      Approve a loan of up to $2,702,000 to a to-be-formed partnership, in which Abode Communities or its affiliate acts as the general partner, for the rehabilitation of the apartment buildings located at 1801 and 1823 E. 68th Street, and 1528 Freeman Avenue, with conditions;
 
2.      Authorize the President or designee to negotiate and enter into a Loan Agreement with a to-be-formed partnership, in which Abode Communities or its affiliate acts as the general partner;
 
3.      Authorize the President or designee to execute any and all documents necessary to implement the Loan Agreement; and
 
4.      Authorize the reconveyance of the existing LBHDC affordability covenants to allow for a new 55-year covenant.
 
SUGGESTED ACTION
Approve recommendation.