| 20260217 |
LA County |
West Hollywood |
City Council |
Order of Business F |
F.2.
REQUEST FOR FINANCING
COMMITMENT LETTER AND
AUTHORIZATION TO ISSUE LOAN FROM THE AFFORDABLE
HOUSING TRUST FUND IN THE AMOUNT OF $4,245,000 FOR
ACQUISITION FINANCING AT 1006 AND 1010 N. EDINBURGH
AVENUE [S. CAMPBELL, A. BARTLE]:
SUBJECT: The City Council will consider issuing a commitment letter and
loan from the Affordable Housing Trust Fund to West Hollywood
Community Housing Corporation, a non-profit housing developer and
operator, in the amount of $4,245,000 for acquisition financing at 1006
and 1010 N. Edinburgh Avenue.
RECOMMENDATIONS: 1) Authorize the City Manager or designee to
execute a commitment letter in substantially the form attached, pledging
$4,245,000 for acquisition financing for the development of between 55
and 65 affordable housing units at 1006 and 1010 N. Edinburgh Avenue;
2) Authorize the Director of Finance and Technology Services to allocate
$200,000 from the Affordable Housing Trust Fund to cover the costs
associated with plan check services; 3) Authorize the City Manager or
designee to designate $4,445,000 from the City’s General Fund to the
City’s Affordable Housing Trust Fund; 4) Authorize the Director of Finance
and Technology Services to: allocate $4,445,000 from unallocated
reserves in the General Fund; establish a $4,445,000 budget for an
interfund transfer from the General Fund to the Affordable Housing Trust
fund; establish a $4,245,000 budget for the purposes of funding the loan;
and establish a $200,000 budget to fund the costs associated with plan
check services; and 5) Authorize the City Manager or designee to execute
all documents incident to the agreement. |
February 17, 2026
LA County
West Hollywood
City Council
Order of Business F
#2
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