Long Beach, CA
File #: 21-027CI    Version: 2 Name: CDBG NOFA - LINC
Type: CI-Agenda Item Status: Approved
File created: 12/9/2021 In control: The Long Beach Community Investment Company
On agenda: 1/4/2022 Final action: 1/4/2022
Title: Recommendation to: 1. Approve the selection of LINC Community Development Corporation (LINC) for an award of Community Development Block Grant (CDBG) funds in the amount of $1,600,000; 2. Approve a loan in the amount of $1,600,000 in CDBG funds to LINC for the acquisition of the property located at 4220 Wherly Court; 3. Authorize the President to negotiate an Affordable Housing Loan Agreement with LINC; and, 4. Authorize the President to execute any and all documents necessary to implement the Loan Agreement and the project. (District 4)
Attachments: 1. 2022_01_04 CDBG NOFA - LINC Staff Report - FINAL.pdf, 2. Attachment A - CDBG NOFA .pdf, 3. Attachment B.pdf

TITLE

Recommendation to:

1.                     Approve the selection of LINC Community Development Corporation (LINC) for an award of Community Development Block Grant (CDBG) funds in the amount of $1,600,000;

 

2.                     Approve a loan in the amount of $1,600,000 in CDBG funds to LINC for the acquisition of the property located at 4220 Wherly Court;

 

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

 

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

 

 

SUGGESTED ACTION

Approve recommendation.