City of Long Beach - File #: 10-004HC

• File #: 10-004HC
• Version: 1
• Name: HC - Olive Villas SMAP
• Type: HC-Agenda Item
• Status: Approved
• File created: 1/14/2010
• In control: The Long Beach Housing Development Company
• On agenda: 1/20/2010
• Final action: 1/20/2010
• Title: Recommendation to: 1. Approve the use of $2,350,000 in second mortgage assistance for both low- and moderate-income first time homebuyers at Olive Villas; 2. Approve removal of the requirement that recipients must currently live or work in Long Beach to be qualified for second mortgage assistance to purchase at Olive Villas; and 3. Authorize the President or designee to sign any and all documents necessary to provide this assistance.
• Sponsors: Community Development, The Long Beach Housing Development Company
• Indexes: Loan Agreement

Date	Ver.	Action By	Action	Result
1/20/2010	1	The Long Beach Housing Development Company	approve recommendation	Pass

TITLE

Recommendation to:

1.      Approve the use of $2,350,000 in second mortgage assistance for both low- and moderate-income first time homebuyers at Olive Villas;

2.      Approve removal of the requirement that recipients must currently live or work in Long Beach to be qualified for second mortgage assistance to purchase at Olive Villas; and

3.      Authorize the President or designee to sign any and all documents necessary to provide this assistance.

SUGGESTED ACTION

Approve recommendation.