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Meeting Name: Housing Authority Agenda status: Draft
Meeting date/time: 11/5/2019 1:30 PM Minutes status: Final  
Meeting location: Chamber Building, Large Conference Room 637 1st Street, First Floor
SPECIAL MEETING
Published agenda: Agenda Agenda Published minutes: Minutes Minutes  
Agenda packet: Not available
Attachments:
File #Ver.Agenda #NameTypeTitleActionResultAction DetailsVideo
19-820HA 15.1Lantana Place Homes Loan ModificationHA- ReportREPORT - 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 and the dissolution of statewide redevelopment programs, (b) the U.S. Department of Housing & Urban to waive reading of the text and adoptPass Action details Not available