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File #: 19-809HA    Version: 1 Name: Community Support Network to Extend Loan for 933 Grand Avenue
Type: HA- Report Status: Agenda Ready
File created: 4/18/2019 In control: Housing Authority
On agenda: 5/20/2019 Final action:
Title: REPORT - REQUEST FROM COMMUNITY SUPPORT NETWORK TO EXTEND THE TERM OF THE HOUSING AUTHORITY LOAN FOR 933 GRAND AVENUE IN THE PRINCIPAL AMOUNT OF $50,000 FOR AN ADDITIONAL 20 YEARS BACKGROUND: 933 Grand Avenue (Property) is a five-bed permanent housing facility serving mentally ill and homeless adults at or below 50% of Area Median Income (AMI). In 1989, Community Support Network (CSN) received a Housing Authority loan in the principal amount of $50,000 for acquisition and rehabilitation of the Property. CSN is requesting extension of the term of its Housing Authority Loan (#9014-0464-90) in the principal amount of $50,000 from July 18, 2019 to July 18, 2039, deferred payment, at 3% simple interest per year. RECOMMENDATION: It is recommended by the Housing & Community Services Department that the Housing Authority, by resolution, approve an extension of the term of the $50,000 loan made to Community Support Network (Loan #9014-0464-90) for 933 Grand Avenue from July 18, 2019 to Ju...
Sponsors: Housing Authority
Indexes: Not a Project
Code sections: 15378 - Not a Project
Attachments: 1. Staff Report, 2. Resolution, 3. Attachment 1, 4. Presentation