Long Beach, CA
File #: 21-025CI    Version: 1 Name: Excelerate Loan Approval
Type: CI-Agenda Item Status: Approved
File created: 12/8/2021 In control: The Long Beach Community Investment Company
On agenda: 1/4/2022 Final action: 1/4/2022
Title: Recommendation to: 1. Approve a loan in the amount of up to $4 Million to Excelerate Housing Group for the development of affordable rental housing units located at 3590 E. Pacific Coast Highway; 2. Authorize the President to negotiate an Affordable Housing Loan Agreement with Excelerate Housing Group; and, 3. Authorize the President or designee to execute any and all documents necessary to implement the Loan Agreement and the project. (District 4)
Attachments: 1. 2022_01_04 Excelerate Housing Loan Approval Staff Report - FINAL.pdf, 2. Attachment A - Excelerate Map.pdf, 3. Attachment B - May 20, 2020 Staff Report.pdf, 4. Attachment C - Rendering.pdf, 5. Attachment D - KMA Analysis.pdf

TITLE

Recommendation to:

1.                     Approve a loan in the amount of up to $4 Million to Excelerate Housing Group for the development of affordable rental housing units located at 3590 E. Pacific Coast Highway;

 

2.                     Authorize the President to negotiate an Affordable Housing Loan Agreement with Excelerate Housing Group; and,

 

3.                     Authorize the President or designee to execute any and all documents necessary to implement the Loan Agreement and the project. (District 4)

 

SUGGESTED ACTION

Approve recommendation.