City Council

3.8. Amendment to six Affordable Housing Agreements with Orange Housing\nDevelopment Corporation for 10% loan forgiveness on each loan in exchange for\nearly repayment to the City.\nRecommended Action:\nFor the six Affordable Housing Agreements with Orange Housing Development\nCorporation to include:\na. Adams I: 1837-1841 E. Adams Avenue - Agreement 2951\nb. Adams II: 1915, 1917, 1919 E. Adams Avenue - Agreement 3076\nc. Adams III: 1741-1745 E. Adams Avenue - Agreement 3195\nd. Alice Clark Orange Blossom Apartments: 141 East Walnut Avenue -\nAgreement 2538\ne. Rose Street Apartments: 1743 E. Rose Avenue - Agreement 3121\nf. Villa Modena: 4431 E. Marmon Avenue - Agreement 3507\n1. Authorize staff to update amounts in the First Amendment to reflect the most\ncurrent balances of each loan as of amendment approval date.\n2. Approve the amendment to the six Affordable Housing Agreements with Orange\nHousing Development Corporation and authorize the City Manager to execute final\nagreement on behalf of the City after final amounts are determined, no later than\nMarch 18, 2023, and discount amounts not to exceed $158,000.\n3. Accept into the City’s revenue budget approximately $1,388,965.91 from Orange\nHousing Development Corporation into the following revenue account numbers:\na. 921.0000.44100.00000-Principal Repayments $888,099.74\nb. 921.0000.44151.00000-Interest - Deferred Loans $411,061.75\nc. 317.0000.44100.00000-Principal Repayments $ 89,532.13\nd. 317.0000.44151.00000-Interest - Deferred Loans $ 272.30\nAttachments: Staff Report\nAmendment to OHDC Affordable Housing Loans Early Payoff