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File #: 20-2393    Version: 1 Name: OHS-Wakeland Housing and Development-10/6/20
Type: City Manager Status: Agenda Ready
File created: 9/8/2020 In control: City Council
On agenda: 10/6/2020
Title: Joint item with Housing Authority - A Resolution of the City Council of the City of Riverside, California, amending Resolution No. 23415 to increase the Affordable Housing and Sustainable Communities Program application funding amount and authorizing the City Manager to execute all necessary documents related thereto - Waive further reading - Agreement with Wakeland Housing and Development Corporation for award of $16,826,931 from State of California Affordable Housing and Sustainable Communities Program - Affordable Housing and Sustainable Communities Program Co-Applicant Agreement specifying joint responsibilities and liability under grant to facilitate development of Mission Heritage housing project and related transit improvements - Subordination Agreement with Bank of America - Modification to Loan Documents with Mission Heritage Plaza LP to reduce interest rate on Housing Authority $3 million residual receipts loan from three percent to one percent simple interest (Ward 1)
Attachments: 1. Report, 2. Resolution, 3. Co-Applicant Agreement, 4. Subordination Agreement, 5. Subordination Request, 6. Loan Modification, 7. Interest Reduction Request, 8. Presentation