Long Beach, CA
File #: 21-011CI    Version: 1 Name: Mercy Housing Loan Approval
Type: CI-Agenda Item Status: Approved
File created: 4/15/2021 In control: The Long Beach Community Investment Company
On agenda: 4/21/2021 Final action: 4/21/2021
Title: Recommendation to: 1. Approve a HOME loan in the amount of $3 Million to Mercy Housing California for the development of senior affordable rental housing units located at 901-945 East Pacific Coast Highway; and, 2. Authorize the President to negotiate an Affordable Housing Loan Agreement with Mercy Housing California; and, 3. Authorize the President, or designee, to execute any and all documents necessary to implement the Loan Agreement and the project.
Attachments: 1. Mercy Housing Loan Approval 04212020.pdf, 2. Attachment A - Site Map.pdf, 3. Attachment B - Staff Report.pdf, 4. Attachment C - Site Plan & Rendering.pdf, 5. Attachment D - KMA Analysis.pdf

TITLE

Recommendation to:

 

1.                     Approve a HOME loan in the amount of $3 Million to Mercy Housing California for the development of senior affordable rental housing units located at 901-945 East Pacific Coast Highway; and,

 

2.                     Authorize the President to negotiate an Affordable Housing Loan Agreement with Mercy Housing California; 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.