...Title
Actions Related to First Community Housing Stabilization.
...Recommendations
(a) Adopt a resolution:
(1) Authorizing a forgivable loan to First Community Housing in an amount not to exceed $1,500,000 to fund financial and operational due diligence and advisory services to be provided by a third-party consultant, approved by the City, through June 30, 2027, and authorizing the Director of Housing or his designee to negotiate and execute all documents necessary to implement the forgivable loan, including terms of forgiveness; and
(2) Authorizing the Director of Housing or his designee to negotiate and execute a Memorandum of Understanding with First Community Housing to establish the parties’ respective responsibilities and coordinated actions relating to the First Community Housing portfolio and the City’s interests, including amendments and related documents as necessary to implement the Memorandum of Understanding.
(b) Adopt a resolution:
(1) Authorizing an increase of $1,500,000 in the Low and Moderate Income Housing Asset Fund to the existing City Council-approved construction-permanent loan commitment to Curtner Studios, L.P., a California limited partnership and affiliate of First Community Housing, for the Curtner Studios Development located at 701 Curtner Avenue, increasing the total loan commitment from $5,042,845 to $6,542,845 to support the stabilization and operation of the Curtner Studios Development; and
(2) Authorizing the Director of Housing or his designee to negotiate and execute amendments to the City’s existing agreements relating to Curtner Studios Development, as necessary to implement the increased loan commitment and support the stabilization and operation of the Curtner Studios Development.
(c) Adopt the following 2026-2027 Appropriation Ordinance amendments in the Low and Moderate Income Housing Asset Fund:
(1) Decrease the Housing Project Reserve by $3,000,000; and
(2) Increase the Housing Loans and Grants appropriation to th...
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