Subject
Peoples’ Self-Help Housing Affordable Housing Loan Agreements
Recommendation
A. Approve and authorize the City Manager to execute a regulatory agreement, promissory note, deed of trust and loan agreement with regard to a $1.9 million dollar loan to People’s Self-Help Housing Corporation (PSHHC) for financial assistance with the affordable housing component of the Village at Los Carneros Project.
B. Authorize the City Manager to approve a deferred repayment schedule of the City of Goleta loan with regard to said promissory note.
C. Authorize the City Manager to make amendments to the form of the aforementioned Loan Documents and to execute additional documents as necessary to proceed with the making of the Loan and development of the PSHHC Project, after consultation and approval by the City Attorney and confirmation of certain conditions.
Staff
Vyto Adomaitis, Neighborhood Services & Public Safety Director
Jaime A. Valdez, Economic Development Coordinator
Estimated Time
15 minutes