City Council

6. FINANCE COMMITTEE: APPROVE KEY BUSINESS TERMS OF AN AFFORDABLE HOUSING LOAN\nAGREEMENT WITH HHP-WALNUT, LLC FOR A SHORT-TERM CITY CONSTRUCTION LOAN IN\nAN AMOUNT NOT-TO-EXCEED $3,250,000 IN BURBANK-GLENDALE-PASADENA REGIONAL\nHOUSING TRUST FUNDS FOR AN AFFORDABLE HOUSING PROJECT AT 1878 E. WALNUT\nSTREET AND AMENDMENTS TO THE HOUSING DEPARTMENT’S FISCAL YEAR 2025 OPERATING\nBUDGET (Housing Dept.)\nRecommendation: It is recommended that the City Council:\n(1) Find that the action proposed in the agenda report is not a “project” subject to the California\nEnvironmental Quality Act (CEQA) pursuant to State CEQA Guidelines Section 21065 and within the meaning of\nSection 15378(b);\n(2) Approve certain key business terms, as described in the agenda report, of the proposed Affordable\nHousing Loan Agreement with HHP-WALNUT, LLC in connection with the development of an affordable\nhousing project at 1878 E. Walnut Street (the “Project”);\n(3) Authorize the City Manager to execute any and all documents necessary to effectuate the staff\nrecommendation, including a funding agreement with the Burbank-Glendale-Pasadena Regional Housing Trust\nfor a funding award in the amount of $3,250,000, which is designated to support the Project; and\n(4) Amend the Housing Department’s Fiscal Year (FY) 2025 Operating Budget by recognizing revenue\nand appropriating $3,250,000 in the Other Housing Funds (Fund 238).