MOTION
Moved by Housing Authority Member ____________________________, seconded by Housing Authority Member ___________________________ that the Executive Director, or his designee, is hereby authorized to enter into those certain loan agreements (“Loan Agreements”) identified and outlined in the Joint Report to Council and Housing Authority dated August 12, 2025 from the Director of Community Development (“Report”) in order to effectuate the loan to the new borrower/lessee (Linc Housing’s newly created entity, Linc 328 Mira Loma LLC) of Metro Loma Apartments, an affordable rental housing project located at 328 Mira Loma Avenue. Further, the Executive Director, or his designee, is hereby authorized to execute any and all documents related to said Loan Agreements, including all exhibits and/or attachments to said Loan Agreements that are necessary to effectuate the intent of the Loan Agreements, to loan the funds identified in the Report to the new borrower/lessee of Metro Loma Apartments, Linc 328 Mira Loma LLC. Said Loan Agreements and related documents shall be subject to approval as to form by the City Attorney.
Vote as follows:
Ayes:
Noes:
Absent:
Abstain: