City seeks $376K to prevent foreclosure at Metro Loma Apartments

The Glendale City Council and Glendale Housing Authority convened on March 4, 2025, to address pressing issues surrounding the financial stability of the Metro Loma Apartments. The meeting focused on a proposed cooperation agreement aimed at preventing foreclosure and ensuring the continued affordability of housing for residents.

The primary agenda item involved a request for up to $376,000 to cover five months of unpaid mortgage payments to the California Community Reinvestment Corporation (CCRC) and to address immediate capital needs identified in a recent assessment. The proposal included a breakdown of the funding, with approximately $217,000 earmarked for urgent repairs. Council members discussed the importance of utilizing reserve accounts to support these financial needs while negotiating with CCRC, which had initiated foreclosure proceedings.

Despite the foreclosure notice filed by CCRC, city officials expressed optimism about negotiating a solution within the 120-day timeframe before the process could be finalized. The council also sought participation from the county to share the financial burden, with preliminary indications of support from county staff.

During the meeting, concerns were raised about the potential impact of foreclosure on current residents, many of whom rely on subsidized housing. It was noted that if the property were to revert to market rates, a significant number of residents could face displacement. Council members emphasized the urgency of the situation, highlighting the need to protect vulnerable tenants while also assessing the financial health of other properties in the city.

In response to inquiries about the broader implications for similar housing projects, city staff committed to reviewing financial statements from other properties to identify any additional risks. The council expressed a willingness to support the proposed funding as a necessary step to safeguard the residents of Metro Loma Apartments and prevent a wider housing crisis.

The meeting concluded with a commitment to continue negotiations and explore long-term solutions to ensure the sustainability of affordable housing in Glendale. Further updates and actions are expected as the situation develops.