City Council

Item S518: Affordable Housing Loan Agreement -17th & Commercial L.P. (Added\n4/6/23)\nThis item will be considered in the afternoon session which is scheduled\nto begin at 2:00 p.m.\nTotal Estimated Cost of Proposed Action and Funding Source:\nThis action will authorize an expenditure of up to $4 million from the City's\nCommunity Development Block Grant (CDBG) fund for the City's below-\nmarket rate loan for property acquisition to be developed ad occupied by low\nand moderate income persons in the Project.\nCouncil District(s) Affected: 3.\nProposed Actions:\n(R-2023-551)\nResolution approving the loan agreement for the 17th & Commercial\naffordable housing project within the Downtown San Diego Community Plan\nArea and authorizing a related loan in an amount not-to-exceed $4,000,000,\nin Community Development Block Grant funds to the project developer, 17th\n& Commercial, L.P.\nCommittee Actions Taken: N/A\nEconomic Development: Christina Bibler, (619) 236-6421\nCity Attorney Contact: Marguerite Middaugh