CITY OF SANTA MONICA, CALIFORNIA
Notes Receivable Information
For the fiscal year ended June 30, 2023
02.20.24 Notes Receivable
The City issues notes receivables to various non-profit entities who construct or rehabilitate affordable housing within the City limits. The loans have been sourced from the citywide housing trust fund, CDBG, TORCA, and HOME trust funds, Low-moderate income housing asset trust fund, redevelopment replacement housing trust fund and the former redevelopment agency.
The borrowers must comply with stringent guidelines such as rent limits, tenant income eligibility, access to the property, local priority of applicants for occupancy, prevailing wages during construction or rehabilitation, and environmental factors. The loans are typically for a 55-year period with an option to extend for another 25 years. Interest rates can range from 0% to current market rates and loan payments are made only if the property achieves net cash flow (known as “residual receipts”). The borrower is also subject to annual project monitoring and reporting.
All loans are secured by deeds of trust that are subordinate to the developer’s senior financing. In the event of default or non-compliance with the loan terms, the City has the right to call the loan and or exercise its right to the underlying property.
For those developments created without low-income housing tax credits, the loans are forgiven at maturity and the City records a corresponding allowance for those amounts.
During FY 2022-23, the City disbursed $195,501 under these types of loan agreements.
The City has previously disbursed the following amounts under note agreements that will be forgiven at maturity:
Borrower Total Disbursed
4th St. Senior Housing Corp. 2,369,060 $
Alternative Living for the Aging 315,000 Caritas 191,178 Community Corp Santa Monica 147,274,339 New Directions, Inc. 400,000 Ocean Housing Foundation 1,540,000 OPCC 778,533
Retirement Housing Foundation 1,317,500
SM New Hope Courtyard Apts 900,000
Step Up On Second 12,354,578 Upward Bound House 1,390,000 Upward Bound Senior Villas 1,851,000 Volunteers of America 774,579 Non housing loans 471,975 $ 171,927,742
CITY OF SANTA MONICA, CALIFORNIA
Notes Receivable Information
For the fiscal year ended June 30, 2023
02.20.24 The City has various notes receivable outstanding. Below is the activity for FY 2022-23 by borrower:
Beginning Additions Reductions Ending
Borrower
Community Corp 128,781,743 $ 165,295 - 128,947,038 Santa Monica Housing Partners 19,400,000 - - 19,400,000 EAH 19,578,252 3,563,982 756,891 22,385,343 Step Up 12,211,255 - - 12,211,255
FAME 11,474,999 - - 11,474,999
Others 17,204,836 40,000 227,940 17,016,896 Total 208,651,085 $ 3,769,277 984,831 211,435,531
CITY OF SANTA MONICA, CALIFORNIA
Notes Receivable Information
For the fiscal year ended June 30, 2023
02.20.24 Detail of notes receivable totaling $211,435,531 are as follows:
Balance at Balance at
June 30, 2022 Transfers Increases Decreases June 30, 2023 Special Revenue Source Fund
Community Corporation of Santa Monica (a) 448,280 $ - - - 448,280 Community Corporation of Santa Monica (b) 7,114,401 - - - 7,114,401 Community Corporation of Santa Monica (c) 4,420,698 - - - 4,420,698 FAME Santa Monica Senior Apartments (d) 7,416,347 - - - 7,416,347 Step Up (e) 2,029,437 - - - 2,029,437 Santa Monica Housing Partners (f) 19,400,000 - - - 19,400,000 Mountain View Mobile Home Park resident (g) 87,830 - - - 87,830 Community Corporation of Santa Monica (h) 3,350,000 - - - 3,350,000 Community Corporation of Santa Monica (i) 6,774,763 - - - 6,774,763 Community Corporation of Santa Monica (j) 10,570,940 - - - 10,570,940 EAH, Inc (k) 11,400,000 - - 756,891 10,643,109 Community Corporation of Santa Monica (l) 429,965 - - - 429,965 Community Corporation of Santa Monica (m) 9,547,656 - - - 9,547,656 Community Corporation of Santa Monica (n) 13,348,057 - - - 13,348,057 Community Corporation of Santa Monica (o) 20,650,000 - - - 20,650,000 EAH, Inc (p) 1,645,205 - 3,442,234 - 5,087,439 Community Corporation of Santa Monica (q) 14,194,942 - 165,295 - 14,360,237 Total Special Revenue Source Fund 132,828,521 - 3,607,529 756,891 135,679,159 Low and Moderate Income Housing Asset Fund Community Corporation of Santa Monica (r) 7,979,656 - - - 7,979,656 Community Corporation of Santa Monica (s) 2,738,277 - - - 2,738,277 Community Corporation of Santa Monica (t) 4,437,001 - - - 4,437,001 FAME Santa Monica Senior Apartments (u) 4,058,652 - - - 4,058,652 Step Up (v) 3,011,818 - - - 3,011,818 Community Corporation of Santa Monica (w) 4,234,506 - - - 4,234,506 Community Corporation of Santa Monica (x) 2,900,000 - - - 2,900,000 Community Corporation of Santa Monica (y) 5,408,035 - - - 5,408,035 Step Up (z) 5,870,000 - - - 5,870,000 Santa Monica Housing Partners (aa) 5,684,455 - - - 5,684,455 Community Corporation of Santa Monica (bb) 685,738 - - - 685,738 EAH, Inc (cc) 6,533,047 - 121,748 - 6,654,795 Total Low and Moderate Income Housing Asset Fund 53,541,185 - 121,748 - 53,662,933 Nonmajor Governmental Funds Low- and moderate-income housing (dd) 676,719 - 40,000 53,213 663,506 Ocean Park Community Center (ee) 400,000 - - - 400,000 Community Corporation of Santa Monica (ff) 6,345,807 - - - 6,345,807 Community Corporation of Santa Monica (gg) 841,600 - - - 841,600 Community Corporation of Santa Monica (hh) 1,691,965 - - - 1,691,965 Community Corporation of Santa Monica (ii) 669,456 - - - 669,456 MERL Program (jj) 5,614,421 - - 107,424 5,506,997 Ocean Park Community Center (kk) 800,000 - - - 800,000 Step Up (ll) 1,300,000 - - - 1,300,000 MERL Program (mm) 3,941,411 - - 67,303 3,874,108 Total nonmajor governmental funds 22,281,379 - 40,000 227,940 22,093,439 Total notes receivable 208,651,085 $ - 3,769,277 984,831 211,435,531
CITY OF SANTA MONICA, CALIFORNIA
Notes Receivable Information
For the fiscal year ended June 30, 2023
02.20.24 Special Revenue Source Fund
a. A promissory note dated February 1, 2011 in the amount of $9,407,103 was executed with Community Corporation of Santa Monica for an affordable housing project located at 2602 Broadway. This is a 55- year loan with an interest rate of 3% per annum. As of June 30, 2023, $448,280 had been disbursed to the borrower. See item “r” below for the amount disbursed from the Low and Moderate Income Housing Asset Fund.
b. A promissory note dated January 12, 2009 in the amount of $6,223,333 was executed with Community Corporation of Santa Monica for an affordable housing project located at 430-508 Pico Boulevard. This was a 0% interest loan with the principal amount due and payable after a two-year deferral period. It was superseded by a new loan dated January 26, 2012, which increased the note to $10,947,475, changed the interest rate to 3% and the term to 55 years. As of June 30, 2023, $7,114,401 had been disbursed to the borrower. See item “s” below for amounts disbursed from Low and Moderate Income Housing Asset Fund.
c. A promissory note dated February 2, 2009 in the amount of $5,595,897 was executed with Community Corporation of Santa Monica for an affordable housing project located at 2802 Pico Boulevard. This was a 0% interest loan with the principal amount due and payable after a two-year deferral period. It was superseded by a new loan dated November 29, 2011, which increased the note to $9,207,402, changed the interest rate to 3% and the term to 55 years. As of June 30, 2023, $4,420,698 had been disbursed to the borrower. See item “t” below for the amount disbursed from the Low and Moderate Income Housing Asset Fund.
d. A promissory note dated June 16, 2009 in the amount of $4,424,711 was executed with FAME Santa Monica Senior Apartments, L.P. for an affordable housing project located at 1754 19th Street. This loan was superseded by a loan in the amount of $11,475,000 dated November 17, 2011. It is a 0% interest loan for 55 years. As of June 30, 2023, $7,416,347 had been disbursed to the borrower. See item “u” below for the amount disbursed from the Low and Moderate Income Housing Asset Fund. e. A promissory note dated December 15, 2010 in the amount of $3,645,422 was executed with Step Up on Second Street, Inc. for an affordable housing project at 520 Colorado Avenue. The loan is for the acquisition and predevelopment of the site. This loan was superseded by a loan in the amount of $5,041,255 dated January 25, 2012. It is a 3% interest loan for 55 years. As of June 30, 2023, $2,029,437 had been disbursed to the borrower. See item “v” below for the amount disbursed from the Low and Moderate Income Housing Asset Fund.
f. A promissory note dated December 8, 2011 in the amount of $19,400,000 was executed with Santa Monica Housing Partners for the acquisition and predevelopment expenses for an affordable housing project located at 1725 Ocean Ave. This is a 0% interest loan with the principal amount due and payable after the 55-year anniversary of conversion to permanent financing. As of June 30, 2023, $19,400,000 had been disbursed to the borrower.
CITY OF SANTA MONICA, CALIFORNIA
Notes Receivable Information
For the fiscal year ended June 30, 2023
02.20.24 g. A shared appreciation promissory note dated October 18, 2012 in the amount of $87,830 was executed with residents for a unit purchase in Mountain View Mobile Home Park at 1930 Stewart Street. This is a 55-year loan with a 0% interest rate. As of June 30, 2023, $87,830 had been loaned to the borrower. h. A revised promissory note dated October 26, 2004 in the amount of $3,350,000 was executed with 1424 Broadway Apartments Limited Partnership, c/o Community Corporation of Santa Monica, for an affordable housing project located at 1424 Broadway/1512 15th Street. This is a 55-year loan with 3% interest rate per annum. Payments are to be made from residual receipts. As of June 30, 2023, $3,350,000 had been disbursed to the borrower. See item “x” below for the amount disbursed from the Low and Moderate Income Housing Asset Fund.
i. A revised promissory note dated March 9, 2005 in the amount of $6,774,763 was executed with Pacific Court Limited Partnership, c/o Community Corporation of Santa Monica, for an affordable housing project located at 2209 Main Street. Forty-four low- and very low-income housing units were constructed on the site. This is a 55-year loan with 1% interest rate per annum. Payments are to be made from residual receipts. As of June 30, 2023, $6,774,763 had been disbursed to the borrower. j. A revised promissory note dated March 12, 2019 in the amount of $10,570,940 was executed with Community Corporation of Santa Monica for an affordable housing project located at 1820 & 1826 14th Street. This was a 3% interest loan with a fifty-five-year term from the date the project is completed but not later than December 31, 2075. As of June 30, 2023, $10,570,940 had been disbursed to the borrower. k. A promissory note dated March 12, 2020 in the amount of $11,400,000 was executed with Magnolia Villas EAH, LLC for the acquisition and predevelopment expenses for an affordable housing project located at 1445-1453 10th Street. This was a 3% interest loan with a fifty-five-year term. Payments are deferred during construction of the project and then payments of residual receipts are due annually once the construction has been completed. The loan is due and payable at the end of the loan term. As of June 30, 2023, the outstanding balance is $10,643,109.
l. A promissory note dated December 27, 2017 in the amount of $467,735 was executed with Community Corporation of Santa Monica for an affordable housing project located at 1342 Berkeley Street. This is a 0% interest loan with a two-year term and option to extend for additional two and one-half years.
Payments are deferred during loan term including any extensions. The loan is due and payable at the end of the loan term. As of June 30, 2023, $429,965 had been disbursed to the borrower. m. A promissory note dated April 2, 2020 in the amount of $9,745,656 was executed with Community Corporation of Santa Monica for an affordable housing project located at 2120 Lincoln Boulevard. This is 3% interest loan with a fifty-five-year term. Payments are deferred construction of the project and then payments of residual receipts are due annually once the construction has been completed. The loan is due and payable at the end of the loan term. As of June 30, 2023, $9,547,656 had been disbursed to the borrower.
n. A promissory note dated March 18, 2021 in the amount of $13,348,057 was executed with Community
CITY OF SANTA MONICA, CALIFORNIA
Notes Receivable Information
For the fiscal year ended June 30, 2023
02.20.24 Corporation of Santa Monica for an affordable housing project located at 1819 Pico Boulevard et al. This is a 2% interest loan with a fifty-five-year term from the date the project is completed but not later than December 31, 2077. Payments are deferred during loan term including any extensions. The loan is due and payable at the end of the loan term. As of June 30, 2023, $13,348,057 had been disbursed to the borrower.
o. A promissory note dated November 24, 2020 in the amount of $20,650,000 was executed with Community Corporation of Santa Monica for an affordable housing project located at 1834-48 14th Street. This is a 3% interest loan with a fifty-five-year term from the date the project is completed but not later than December 31, 2077. Payments are deferred during loan term including any extensions. The loan is due and payable at the end of the loan term. As of June 30, 2023, $20,650,000 had been disbursed to the borrower.
p. A promissory note dated June 1, 2022 in the amount of $11,742,234 was executed with Laurel EAH NC, LLC for the acquisition, predevelopment, and construction expenses for an affordable housing project located at 1413 Michigan Avenue. This is a 3% interest loan with a fifty-five-year term. Payments will be made from residual receipts, if any. The loan is due and payable at the end of the loan term. As of June 30, 2023, $5,087,439 had been disbursed to the borrower. A part of the loan balance in this fund was transferred to the Low and Moderate Income Housing Asset Fund. See item "cc" below. q. A promissory note dated January 14, 2020 in the amount of $15,183,670 was executed with Community Corporation of Santa Monica for an affordable housing project located at 2033-2101 Virginia Ave.
Payments are deferred during loan term including any extensions. The loan is due and payable in full fifty-four (54) months from the date of the Note, unless further extended. This is a 0% interest loan. As of June 30, 2023, $14,360,237 had been disbursed to the borrower.
Low and Moderate Income Housing Asset Fund
r. A promissory note dated February 1, 2011 in the amount of $9,407,103 was executed with Community Corporation of Santa Monica for an affordable housing project located at 2602 Broadway. This is a 55- year loan with an interest rate of 3% per annum. As of June 30, 2023, the outstanding balance is $7,979,656. See item “a” above for the amount disbursed from the Special Revenue Source Fund. s. A promissory note dated January 12, 2009 in the amount of $6,223,333 was executed with Community Corporation of Santa Monica for an affordable housing project located at 430-508 Pico Boulevard. This was a 0% interest loan with the principal amount due and payable after a two-year deferral period. It was superseded by a new loan dated January 26, 2012, which increased the note to $10,947,475, changed the interest rate to 3% and the term to 55 years. As of June 30, 2023, $2,738,277 had been disbursed to the borrower. See item “b” above for amounts disbursed from the Special Revenue Source Fund. t. A promissory note dated February 2, 2009 in the amount of $5,595,897 was executed with Community Corporation of Santa Monica for an affordable housing project located at 2802 Pico Boulevard. This was a 0% interest loan with the principal amount due and payable after a two-year deferral period. It was superseded by a new loan dated November 29, 2011, which increased the note to $9,207,402, changed
CITY OF SANTA MONICA, CALIFORNIA
Notes Receivable Information
For the fiscal year ended June 30, 2023
02.20.24 the interest rate to 3% and the term to 55 years. As of June 30, 2023, the outstanding balance is $4,437,001. See item “c” above for the amount disbursed from the Special Revenue Source Fund. u. A promissory note dated June 16, 2009 in the amount of $4,424,711 was executed with FAME Santa Monica Senior Apartments, L.P. for an affordable housing project located at 1754 19th Street. This loan was superseded by a loan in the amount of $11,475,000 dated November 17, 2011. It is a 0% interest loan for 55 years. As of June 30, 2023, $4,058,652 had been disbursed to the borrower. See item “d” above for the amount disbursed from the Special Revenue Source Fund. v. A promissory note dated December 15, 2010 in the amount of $3,645,422 was executed with Step Up on Second Street, Inc. for an affordable housing project at 520 Colorado Avenue. The loan is for the acquisition and predevelopment of the site. This loan was superseded by a loan in the amount of $5,041,255 dated January 25, 2012. It is a 3% interest loan for 55 year. As of June 30, 2023, $3,011,818 had been disbursed to the borrower. See item “e” above for the amount disbursed from the Special Revenue Source Fund.
w. A promissory note dated July 24, 2006 in the amount of $4,234,506 was executed with The Tahiti, L.P. c/o Community Corporation of Santa Monica for an affordable housing project located at 2411-2423 Centinela Avenue. The loan was for the construction of 36 affordable rental housing units. This is a 55- year loan with a simple interest rate of 3% per annum. Payments are to be made from residual receipts.
As of June 30, 2023, $4,234,506 had been disbursed to the borrower. x. A revised promissory note dated October 26, 2004 in the amount of $2,900,000 was executed with 1424 Broadway Apartments Limited Partnership, c/o Community Corporation of Santa Monica, for an affordable housing project located at 1424 Broadway/1512 15th Street. This is a 55-year loan with 3% interest rate per annum. Payments are to be made from residual receipts. As of June 30, 2023, $2,900,000 had been disbursed to the borrower. See item “h” above for the amount disbursed from the Special Revenue Source Fund.
y. Promissory notes dated October 26, 2004, October 26, 2004 and June 12, 2007 in the amount of $4,458,035, $1,691,965 and $950,000, respectively for a total of $7,100,000 were executed with 26th and Santa Monica Family Housing Limited Partnership, c/o Community Corporation of Santa Monica, for an affordable housing project located at 1349 26th Street. Forty-four low- and very low-income housing units were constructed on the site. They are 55-year loans with 3% interest rate per annum. Payments are to be made from residual receipts. As of June 30, 2023, $5,408,035 had been disbursed to the borrower.
This was disbursed from the Low and Moderate Income Housing Asset Fund. See item “jj” below for the amount disbursed from the CDBG Fund.
z. Two promissory notes dated February 13, 2007, one in the amount of $5,870,000 and one for $1,300,000 for a total of $7,170,000 were executed with Step Up on Fifth, L.P. for an affordable housing project located at 1548 Fifth Street. These loans are for the acquisition and construction of the site. This is a 55- year loan with a simple interest rate of 5% per annum. Payments are to be made from residual receipts.
As of June 30, 2023, $5,870,000 had been disbursed to the borrower. This was disbursed from the Low and Moderate Income Housing Asset Fund. See item “ee” below for the amount disbursed from the
CITY OF SANTA MONICA, CALIFORNIA
Notes Receivable Information
For the fiscal year ended June 30, 2023
02.20.24 Miscellaneous Grants Fund.
aa. An amended promissory note dated February 22, 2008, in the amount of $5,207,314 and a promissory note dated March 15, 2011 for $477,141 were executed with the Santa Monica Housing Partners, L.P. for the development of 20 units of affordable senior housing at 1458 14th Street. The loans represent land acquisition financing that achieves site control. These are 55-year loans with an interest rate of 3% per annum on the $5,207,314 loan and 4.36% on the $477,141 loan. As of June 30, 2023, the outstanding balance is $5,684,455.
bb. A promissory note dated October 21, 1987 in the amount of $778,603 was executed with Community Corporation of Santa Monica for affordable housing projects located at 504 Ashland, 518 Pier, 536 Ashland, 642 Marine, and 3005 Highland. The overall project is called Ocean Park 43 (OP43). This is a 40 year loan with an interest rate of 5% per annum. As of June 30, 2023, $685,738 had been disbursed to the borrower.
cc. A promissory note dated June 1, 2022 in the amount of $11,742,234 was executed with Laurel EAH NC, LLC for the acquisition, predevelopment, and construction expenses for an affordable housing project located at 1413 Michigan Avenue. This is a 3% interest loan with a fifty-five-year term. Payments will be made from residual receipts, if any. The loan is due and payable at the end of the loan term. As of June 30, 2023, $6,654,795 had been disbursed to the borrower. A part of this balance was transferred from the Special Revenue Source Fund. See item "p" above.
Nonmajor Governmental Funds
dd. These represent non-interest bearing, limited appreciation and shared appreciation loans made between 1991 and 2001 pursuant to Tenant Ownership Rights Charter Amendment (TORCA) Program guidelines to assist low- and moderate-income households to purchase their rental units. The loans are due the upon resale, transfer or default. As of June 30, 2023, the outstanding balances of such loans total $663,506. ee. A promissory note dated September 30, 2003 in the amount of $1,200,000 was executed with Ocean Park Community Center for congregate housing and emergency shelter for very low-income use, located at 1751 Cloverfield Boulevard. This loan is for the acquisition and rehabilitation of the site. This is a 55- year loan with 5.98% interest rate per annum with a two-year deferral period. Payments are to be made from residual receipts. As of June 30, 2023, $400,000 had been disbursed to the borrower. This was disbursed from the TORCA Fund. See item “kk” below for the amount disbursed from the Miscellaneous Grants Fund.
ff. A revised promissory note dated February 8, 2006 in the amount of $6,745,807 was executed with Community Corporation of Santa Monica for an affordable housing project located at 3021-3031 Santa Monica Boulevard. This loan was for the acquisition, predevelopment expenses and construction of lowand very low-income housing. This is a 3% interest loan with the principal amount due and payable February 8, 2061, 55-years from February 8, 2006. As of June 30, 2023, $6,345,807 had been disbursed to the borrower. This was disbursed from the TORCA Fund.
CITY OF SANTA MONICA, CALIFORNIA
Notes Receivable Information
For the fiscal year ended June 30, 2023
02.20.24 gg. A promissory note dated December 22, 1988 in the amount of $841,600 was executed with Community Corporation of Santa Monica for low- and very low-income housing at 2020-2030 Cloverfield Boulevard. This is a 35-year loan with 10.44% interest rate per annum. As of June 30, 2023, $841,600 had been disbursed to the borrower. This was disbursed from the CDBG Fund. hh. Promissory notes dated October 26, 2004, October 26, 2004 and June 12, 2007 in the amount of $4,458,035, $1,691,965 and $950,000, respectively for a total of $7,100,000 were executed with 26th and Santa Monica Family Housing Limited Partnership, c/o Community Corporation of Santa Monica, for an affordable housing project located at 1349 26th Street. Forty-four low- and very low-income housing units were constructed on the site. They are 55-year loans with 3% interest rate per annum.
Payments are to be made from residual receipts. As of June 30, 2023, $1,691,965 had been disbursed to the borrower. This was disbursed from the CDBG Fund. See item “y” above for the amount disbursed from the Low and Moderate Income Housing Asset Fund.
ii. On October 22, 1998, the City executed a promissory note with Community Corporation of Santa Monica for the construction of a twenty unit, large family, affordable housing complex located at 708 Pico Boulevard. $579,000 was funded from the City’s Pico Neighborhood Trust Fund but now known as CDBG Housing Trust Fund, while $221,000 is funded from the Community Development Block Grant (CDBG) Fund. This note is a 0% interest loan to be repaid from residual receipts of the project and is due on October 22, 2053. As of June 30, 2023, the outstanding balance is $669,456. jj. The January 17, 1994 Northridge Earthquake resulted in damaged multifamily residences in the City.
To facilitate repair of damaged multifamily residences, the U.S. Department of Housing and Urban Development awarded the City a total of $33,388,000 in emergency funds to finance the City's Multifamily Earthquake Repair Loan (MERL) Program. The funds were allocated as follows:
$2,027,000 – HOME Program Emergency Supplemental Fund, $6,361,000 – HOME Program Presidential Contingency Fund, and $25,000,000 – CDBG Program Emergency Supplemental Fund.
Loans were made between 1995 and 2001. As of June 30, 2023, the CDBG Program Emergency Supplemental Fund outstanding balance is $5,506,997. See item “mm” below for the amount disbursed from the Miscellaneous Grants Fund.
kk. A promissory note dated September 30, 2003 in the amount of $1,200,000 was executed with Ocean Park Community Center for congregate housing and emergency shelter for very low-income use, located at 1751 Cloverfield Boulevard. This loan is for the acquisition and rehabilitation of the site. This is a 55- year loan with 5.98% interest rate per annum with a two-year deferral period. Payments are to be made from residual receipts. As of June 30, 2023, $800,000 had been disbursed to the borrower. This was disbursed from the Miscellaneous Grants Fund. See item “ee” above for the amount disbursed from the TORCA Fund.
ll. Two promissory notes dated February 13, 2007, one in the amount of $5,870,000 and one for $1,300,000 for a total of $7,170,000 were executed with Step Up on Fifth, L.P. for an affordable housing project located at 1548 Fifth Street. These loans are for the acquisition and construction of the site. This is a 55- year loan with a simple interest rate of 5% per annum. Payments are to be made from residual receipts.
As of June 30, 2023, $1,300,000 had been disbursed to the borrower. This was disbursed from the
CITY OF SANTA MONICA, CALIFORNIA
Notes Receivable Information
For the fiscal year ended June 30, 2023
02.20.24 Miscellaneous Grants Fund. See item “z” above for the amount disbursed from the Low and Moderate Income Housing Asset Fund.
mm. The January 17, 1994 Northridge Earthquake resulted in damaged multifamily residences in the City.
To facilitate repair of damaged multifamily residences, the U.S. Department of Housing and Urban Development awarded the City a total of $33,388,000 in emergency funds to finance the City's Multifamily Earthquake Repair Loan (MERL) Program. The funds were allocated as follows:
$2,027,000 – HOME Program Emergency Supplemental Fund, $6,361,000 – HOME Program Presidential Contingency Fund, and $25,000,000 – CDBG Program Emergency Supplemental Fund.
Loans were made between 1995 and 2001. As of June 30, 2023, the Miscellaneous Grants Fund outstanding balance is $3,874,108. See item “jj” above for the amount disbursed from the CDBG fund.