Recommendation to: 1. Approve a $500,000 increase to the permanent Low-and Moderate-Income Housing Asset Funds (LMIHAF) loan to Excelerate Housing Group (Excelerate) for the development of the 26 Point 2 Project; 2. Authorize the President to negotiate an Amendment to the Affordable Housing Loan Agreement with Excelerate; and, 3. Authorize the President to negotiate and execute any and all documents necessary related to the Loan Amendment.

Committee

The Long Beach Community Investment Company

Introduced

May 11, 2023

On agenda

May 17, 2023

Passed

May 17, 2023