1 25-89070
CITY OF GLENDALE, CALIFORNIA
REPORT TO THE JOINT MEETING: GLENDALE CITY COUNCIL AND
GLENDALE HOUSING AUTHORITY
AGENDA ITEM
Report: Transfer of Reserve Account Funds to Linc 328 Mira Loma LLC, the New Owner of Metro Loma, an Affordable Housing Project Located at 328 Mira Loma Avenue.
1. City Council Resolution of Appropriation in the Amount of $65,838.76;
2. City Council Motion Authorizing Release of Funds.
COUNCIL ACTION
Item Type: Action Item
Approved for November 18, 2025 calendar
EXECUTIVE SUMMARY
Metro Loma Apartments (Metro Loma) is an affordable, rental housing, tax credit project located at 328 Mira Loma Avenue. The Glendale Housing Authority (GHA) owns the land and leased the Property to Metro Loma, LP. The first lender was California Community Reinvestment Corporation (CCRC).
The Glendale Housing Authority purchased the note held by CCRC in June 2025 after the previous owner defaulted on the loan, preventing CCRC from foreclosing on Metro Loma. Upon purchase, CCRC released funds it held in a reserve account to the Housing Authority.
In August 2025, the Housing Authority approved Linc 328 Mira Loma LLC as the new owner and National CORE as the new management company. With the new owner and management company in place, it is appropriate for Glendale to transfer the funds previously held by CCRC from the reserve account to the new owner. 12 25-89070
6 4
9 2
RECOMMENDATION
It is recommended that the City Council approve the resolution of appropriation in the amount of $65,838.76 and authorize the release of funds in order to return the replacement reserve balance to Metro Loma.
ANALYSIS
Metro Loma is an affordable rental housing, tax credit project for lower income families located at 328 Mira Loma Avenue. The development consists of 44 units: 1 one-bedroom, 29 two-bedroom, and 13 three-bedroom units, along with one manager’s unit. Rents are targeted at households earning 30% to 60% of Area Median Income (AMI). The Glendale Housing Authority (GHA) owns the land and currently leases the Property to Linc 328 Metro Loma LLC.
On May 20, 2025, the City Council and the Housing Authority authorized staff to acquire the note held by CCRC in order to avoid foreclosure of Metro Loma. The note was purchased on June 16, 2025.
In addition to purchasing the note, GHA, along with the Los Angeles County Development Authority (LACDA), took a number of actions to preserve Metro Loma as an affordable housing project. GHA purchased the note from the 1 st lender, CCRC and together with LACDA, identified means necessary to stabilize the cash flow of the project as well as fund cash flow and replacement reserves.
One of Metro Loma’s reserves, the replacement reserve, was not held by ownership but rather CCRC. When the Housing Authority purchased the note from CCRC, effectively removing CCRC from Metro Loma, CCRC released those funds to the Housing Authority.
This was done in June 2025 because at the time, the new owner of Metro Loma had not been identified or approved.
The Housing Authority approved Linc 328 Mira Loma LLC as the new owner and National CORE as the new management company in August 2025. With the new owner and management company in place, and with repairs to the property scheduled to take place November 10th, it is appropriate for Glendale to transfer the funds from the replacement reserve account to the new owner to ensure Metro Loma is well maintained.
STAKEHOLDERS/OUTREACH
Not applicable at this time.
FISCAL IMPACT
There is no negative fiscal impact to the Housing Authority as a result of this action. The $65,838.76 being requested for release represents replacement reserve funds previously held by CCRC Bank and returned to the City following the payoff and acquisition of the Metro Loma first mortgage. These funds were deposited into the Affordable Housing Trust Fund pending final project transfer. 13 25-89070
6 4
9 2
Approval of this action will authorize the transfer of the $65,838.76 from the Affordable Housing Trust Fund back to the new ownership entity, Linc 328 Mira Loma, LLC (Linc Housing), in accordance with the revised project financing and regulatory documents approved on August 12, 2025.
Requesting Appropriation
Amount From (Account
String)
To (Account String) Funding Source
65,838.76 24214-2090-CDD-
0000-P000
43112-2090-CDD-
0020-P0000
PL: CDD01336AN
Affordable
Housing Trust
Fund
ENVIRONMENTAL REVIEW (CEQA/NEPA)
The action of transferring funds from the replacement reserve account to the new owner, Linc Housing, to ensure Metro Loma (the already- existing Project) is well maintained, is exempt from further environmental review under the California Environmental Quality Act ("CEQA") pursuant to Title 14 of the California Code of Regulations ("CEQA Guidelines") for all of the following reasons: 1) the activity will not result in a direct or reasonably foreseeable indirect physical change to the environment under CEQA Guidelines Section 15060(c)(2) because the Project is already built, the funding will go to routine maintenance/repair, and any maintenance or repair work will undergo independent CEQA review at the time if/when such repairs are proposed; 2) the activity is not a project under CEQA Guidelines Section 15060(c)(3) and 15378(b)(4) because it constitutes the creation of government funding mechanisms or other governmental fiscal activity that does not involve any commitment to any specific project which may result in a potentially significant physical impact on the environment; and 3) the activity is covered by the common sense exemption that CEQA applies only to projects which have the potential for causing a significant effect on the environment, and here, it can be seen with certainty that there is no possibility that the activity may have a significant effect on the environment per CEQA Guidelines Section 15061(b)(3).
CAMPAIGN DISCLOSURE
This item is exempt from campaign disclosure requirements.
ALTERNATIVES TO STAFF RECOMMENDATION
Do not approve the resolution of appropriation and motion to release the funds. This would be a detriment to the financial stability of Metro Loma. 14 25-89070
6 4
9 2
ADMINISTRATIVE ACTION
Submitted by:
Bradley Calvert, Director of Community Development
Prepared by:
Michael Fortney, Deputy Director of Community Development/Housing Pamela Jackson, Housing Coordinator
Peter Zovak, Assistant Director of Community Development Approved by:
Roubik R. Golanian, P.E., City Manager
EXHIBITS/ATTACHMENTS
None.