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File #: 19-820HA    Version: 1 Name: Lantana Place Homes Loan Modification
Type: HA- Report Status: Agenda Ready
File created: 11/4/2019 In control: Housing Authority
On agenda: 11/5/2019 Final action:
Title: REPORT - BURBANK HOUSING DEVELOPMENT CORPORATION LOAN MODIFICATION REQUEST - LANTANA PLACE HOMES (2979 DUTTON MEADOW, FORMERLY 2975 DUTTON MEADOW) - APN 043-121-013 BACKGROUND: Burbank Housing Development Corporation is requesting a loan modification to forgive the accrued interest, convert the interest rate of the secured Loan to zero percent until the units are sold, and reduce the encumbrance on the Property by $3,575,759 through a new, unsecured Promissory Note. The Housing Authority (Authority) has provided loans to Burbank Housing Development Corporation (BHDC) totaling $7,078,073 for Lantana Place Homes, a 48-unit homeownership project located at 2979 Dutton Meadow (Project). Since 2007, Lantana Place has evolved from a 100-unit multifamily rental complex to the current 48-unit homeownership project. The Project was recast as homeownership in 2017 to address: (a) the financing gaps for rental housing associated with the suspension of the state’s Multifamily Housing Program an...
Indexes: Not a Project
Code sections: 15378 - Not a Project
Attachments: 1. Staff Report, 2. Attachment 1 - BHDC Request, 3. Attachment 2 - Lantana Financials, 4. Resolution, 5. Presentation