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File #: 17-805HA    Version: 1 Name: Third Further Advance Request - Lantana Place
Type: HA- Report Status: Agenda Ready
File created: 7/5/2017 In control: Housing Authority
On agenda: 7/11/2017 Final action: 7/11/2017
Title: REPORT - THIRD FURTHER ADVANCE REQUEST FROM BURBANK HOUSING DEVELOPMENT CORPORATION IN THE AMOUNT OF $3,400,000.00 FOR COSTS ASSOCIATED WITH THE REFINANCING, PRE-DEVELOPMENT AND CONSTRUCTION OF LANTANA PLACE LOCATED AT 2975 DUTTON MEADOW (APN 043-121-006) - LOAN NOS. 9932-2871-17, 9932-2791-17, and 9932-2801-17 AND CONVERSION OF LOAN TO SILENT SECONDS BACKGROUND: Lantana Place is a four-acre site, located at 2975 Dutton Meadow, owned by Burbank Housing Development Corporation (BHDC). In 2007, the project received a loan from the Housing Authority of the City of Santa Rosa (Housing Authority) that included Community Development Block Grant (CDBG) funds for site acquisition and pre-development. The project has not proceeded with development due to funding constraints at the state and local level; the financing of the project was structured with Multifamily Housing Program (MHP) funding, oversubscribed and now exhausted, from the State and approximately $7 million in local subsidy no l...
Sponsors: Housing and Community Services
Indexes: Negative Declaration Ratified
Attachments: 1. Staff Report, 2. Attachment, 3. Resolution