City Council

Item S506: Approval of an Affordable Housing CDBG Loan Agreement with the Metropolitan\nArea Advisory Committee on Anti-Poverty of San Diego County, Inc., in an Amount\nNot to Exceed $15,275,000 for the Mercado Apartments Affordable Housing\nProject. (Added 3/21/25)\nThis item will be considered in the afternoon session which is scheduled to begin at\n2:00 p.m.\nTotal Estimated Cost of Proposed Action and Funding Source:\nThe cost of this affordable housing loan agreement is not-to-exceed $15,275,000. The\nloan agreement will be funded by Community Development Block Grant (CDBG) funds.\nCouncil District(s) Affected: 8.\nProposed Actions:\n(R-2025-458)\nResolution approving the loan agreement for the Mercado Apartments affordable housing\nproject within the Barrio Logan Community Plan Area and authorizing a related loan in\nan amount not-to-exceed $15,275,000 in Community Development Block Grant funds to\nthe project developer, Metropolitan Area Advisory Committee on Anti-poverty of San\nDiego County, Inc.\nCommittee Actions Taken: N/A\nEconomic Development: Christina Bibler, (619) 236-6421\nCity Attorney Contact: Marguerite Middaugh