City Council

Item S402: Affordable Housing Loan Agreement-Howard Avenue Investors, L.P. (Added\n3/17/23)\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:\nThis action will authorize an expenditure of up to $4,788,755, for the City’s Loan\nconsisting of not-to-exceed $3.5 million from the City’s Community Development Block\nGrant Fund to Developer for property acquisition and not-to-exceed $1,288,755, from\nCity’s Low and Moderate Income Housing Asset Fund to Developer for Project costs.\nCouncil District(s) Affected: 8.\nProposed Actions:\n(R-2023-501)\nResolution approving the loan agreement for the Iris Avenue Trolley Apartments\naffordable housing project within the Otay Mesa-Nestor Community Plan Area and\nauthorizing a related loan in an amount not-to-exceed $4,788,755, in Community\nDevelopment Block Grant and Low and Moderate Income Housing Asset funds to the\nproject developer, Howard Avenue Investors, L.P.\nCommittee Actions Taken: N/A\nEconomic Development: Christina Bibler, (619) 236-6421\nCity Attorney Contact: Marguerite Middaugh\nNON-AGENDA PUBLIC COMMENT\nThis portion of the agenda provides an opportunity for members of the public to address the Council on\nitems of interest within the jurisdiction of the Council. (Comments relating to items on today's docket will\nbe taken at the time the item is heard.)\nPUBLIC NOTICES\nItems are listed under Public Notices as a matter of public record only. These items do not require Council\naction and there is no public testimony.