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Council asked to forgive $2.0M repayment to preserve Fairmount Hotel as affordable senior housing
Summary
City staff told the council a developer seeks forgiveness and discharge of a $2,000,272.95 repayment obligation tied to past HOME/CDBG/linkage funds so the owner can obtain state rehabilitation funds and keep the Fairmount Hotel as affordable senior housing.
City community development staff on Aug. 18 presented a resolution asking the municipal council to amend and forgive outstanding loan obligations on the Fairmount Hotel (2595 Kennedy Boulevard) so the building can access state rehabilitation funds and remain affordable senior housing.
Director Dasia Anderson told the council the property received HOME, Community Development Block Grant (CDBG) and linkage funds decades ago and the note attached to the city mortgage included a balloon repayment that became due when the affordability restriction expired in November…
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