Long Beach, CA
File #: 23-018CI    Version: 1 Name: Excelerate Loan Amendment
Type: CI-Agenda Item Status: Approved
File created: 5/11/2023 In control: The Long Beach Community Investment Company
On agenda: 5/17/2023 Final action: 5/17/2023
Title: Recommendation to: 1. Approve a $500,000 increase to the permanent Low-and Moderate-Income Housing Asset Funds (LMIHAF) loan to Excelerate Housing Group (Excelerate) for the development of the 26 Point 2 Project; 2. Authorize the President to negotiate an Amendment to the Affordable Housing Loan Agreement with Excelerate; and, 3. Authorize the President to negotiate and execute any and all documents necessary related to the Loan Amendment.
Attachments: 1. 2023_05_07 - Excelerate Loan Amendment - FINAL.pdf, 2. ATTACHMENT - A - 2022_01_04 Excelerate Housing Loan Approval Staff Report - FINAL.pdf, 3. 2023_05_17 - Excelerate Housing PPT - FINAL.pdf

TITLE

Recommendation to:

 

1.                     Approve a $500,000 increase to the permanent Low-and Moderate-Income Housing Asset Funds (LMIHAF) loan to Excelerate Housing Group (Excelerate) for the development of the 26 Point 2 Project;

 

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

 

3.                     Authorize the President to negotiate and execute any and all documents necessary related to the Loan Amendment.

 

SUGGESTED ACTION

Approve recommendation.