SUBJECT: Report on Housing Resources, Approval of Appropriation of Loan Payoff Proceeds in the Amount of $616,920 From The Grove Affordable Housing Project, Authorizing the Payoff of Outstanding HUD 108 Loan Balance, and Direction on Allocating the Remainder of The Grove Loan Payoff and Previous Payments in Support of Gateway Terrace II, Childs and B, and Other Eligible Activities REPORT IN BRIEF Report on Housing Resources, approval of appropriation of loan payoff proceeds in the amount of $616,920 from The Grove Affordable Housing Project, authorizing the payoff of outstanding HUD 108 loan balance, and direction on allocating the remainder of the Grove loan payoff and previous payments in support of Gateway Terrace II, Childs and B, and other eligible activities. RECOMMENDATION City Council - Adopt a motion: A. Accepting the report on housing resources; and, B. Appropriating $616,920 from the unencumbered, unreserved fund balance in Fund 380-Housing Debt Service for The Grove HUD 108 payoff; and, C. Approving the transfer of the remainder of the loan payoff from Fund 380-Housing Debt Service to Fund 018-CDBG and Fund 071-LMI Housing. D. Authorizing the City Manager or designee to execute all necessary documents related to the payoff of the outstanding HUD 108 loan balance; and, E. Providing direction on allocating the remainder of the Grove Loan Payoff in support of Gateway Terrace II, Childs and B, and other eligible activities; and, F. Authorizing the Finance Officer to make the necessary budget adjustments.

Report Item Passed Introduced March 11, 2021

Committee: City Council/Public Finance and Economic Development Authority/Parking Authority
Introduced: March 11, 2021
On agenda: April 5, 2021
Passed: April 5, 2021