City Council

10. Affordable Housing Loan Agreement to American Family Housing for the\nTravelodge North Homekey Project at 1400 Bristol Street, Costa Mesa\na) Find this project is exempt from the California Environmental Quality Act (CEQA)\npursuant to Section 15301 (Existing facilities) and Section 15302 (Replacement or\nReconstruction) of the CEQA Guidelines, California Code of Regulations, Title 14,\nChapter 3, because this project has no potential to have a significant effect on the\nenvironment;\nb) Approve Budget Amendment No. 25-047, appropriating $3,000,000 for\nincreased expenditures in the Permanent Supportive Housing Account No .\n01201925-980000-22M15; and\nc) Authorize the City Manager to finalize negotiations and authorize the City\nManager and City Clerk to execute the Affordable Housing Loan Agreement\nbetween the City of Newport Beach and American Family Housing, LLC, to loan\n$3,000,000 to convert the property at 1400 Bristol Street, Costa Mesa, into\npermanent supportive housing, provided the terms of the Agreement are\nsubstantially similar with the Agreement attached to the staff report, which terms shall\nbe reviewed and approved by the City Attorney’s Office, and to take any other action\nnecessary to implement the Agreement, including, but not limited to, approving and\nexecuting additional documents related thereto.\nDecember 10, 2024\nStaff Report\nAttachment A - Affordable Housing Agreement\nAttachment B - Budget Amendment\nAttachment C - 7-11-23 Staff Report\nAttachment D - Commitment Letter