City Council

Item S519: Affordable Housing Loan Agreement-Encanto Gateway 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 $5,500,000, for the City's\nLoan consisting of $3.6 million from the City's Community Development Block\nGrant Fund (CDBG) for property acquisition and $1.9 million from the City's\nPermanent Local Housing Allocation Fund for the City loan as a below-market\ninterest rate affordable housing loan for the development and construction\nof the Project to be occupied by low and moderate income persons.\nCouncil District(s) Affected: 4.\nProposed Actions:\n(R-2023-485)\nResolution approving the Loan Agreement with Encanto Gateway LP for up to\n$5,500,000, in Community Development Block Grant funds and Permanent\nLocal Housing Allocation Program funds to be used for property acquisition\nand the construction of the Encanto Gateway affordable housing project in\nthe Encanto Community Plan Area.\nCommittee Actions Taken: N/A\nEconomic Development: Christina Bibler, (619) 236-6421\nCity Attorney Contact: Daphne Z. Skogen\nNON-AGENDA ITEMS