City Council

B.\nAPPROVE THE REQUEST FOR FINANCIAL ASSISTANCE AND FUNDING\nCOMMITMENT IN THE AMOUNT OF $3,000,000 FOR DEVELOPMENT AND\nCONSTRUCTION OF A 72-UNIT AFFORDABLE SENIOR HOUSING PROJECT\nLOCATED AT 1555 E. ALEJO ROAD IN THE CITY OF PALM SPRINGS\nRECOMMENDATION:\n1. Approve a funding commitment in the amount of Three Million Dollars\n($3,000,000) to Wakeland Housing and Development Corporation to provide\npermanent financing for the development of a 100 percent affordable housing\ncommunity located at 1555 East Alejo Road in the City of Palm Springs.\n2. Authorize the City Manager to execute the Funding Commitment Letter and other\nnecessary documents to facilitate the funding commitment.