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File #: 26-604HA    Version: 1 Name: REPORT - APPROVAL OF TRANSFER OF OWNERSHIP AND ASSUMPTION OF HOUSING AUTHORITY REGULATORY AGREEMENT AND LOANS FOR CYPRESS RIDGE APARTMENTS - 1815 MEDA AVENU
Type: HA- Report Status: Agenda Ready
File created: 2/12/2026 In control: Housing Authority
On agenda: 2/23/2026 Final action:
Title: REPORT - APPROVAL OF TRANSFER OF OWNERSHIP AND ASSUMPTION OF HOUSING AUTHORITY REGULATORY AGREEMENT AND LOANS FOR CYPRESS RIDGE APARTMENTS - 1815 MEDA AVENUE BACKGROUND: Burbank Housing Development Corporation (BHDC) is selling 1815 Meda Avenue, known as Cypress Ridge Apartments (Project), currently owned by Meda Cypress Ridge, L.P., and has entered into a purchase agreement with Post Cypress Ridge, L.P., an affiliate of Post Investment Group. The Project is a 122-unit apartment community affordable to households at 30%, 50%, and 60% of area median income (AMI), with two (2) unrestricted manager’s units. The Housing Authority has loans on the property, in the principal amount of $1,881,729, maturing on October 27, 2049, and a Regulatory Agreement securing affordability through December 10, 2059. As part of this transaction, Post Investment Group is seeking the Housing Authority’s approval to assume the loans and Regulatory Agreement; extend the maturity date of the loans to December ...
Sponsors: Housing and Community Services
Indexes: Exempt Project, Not a Project
Code sections: 15061(b)(3) - General Rule Exemption, 15378 - Not a Project
Attachments: 1. Staff Report, 2. Attachment 1, 3. Resolution, 4. Presentation
Related files: 19-821HA