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Santa Paula approves $600,000 loan from housing trust fund to People Self Help Housing
Summary
The council voted to authorize a $600,000 loan from the city’s affordable housing trust fund to People Self Help Housing for the People’s Place project on West Harvard Boulevard, with a 4% interest rate and 30-year term.
The Santa Paula City Council on July 2 authorized a $600,000 loan from the city’s affordable housing trust fund to People Self Help Housing (PSHH) to help close financing for the People’s Place affordable-housing project on West Harvard Boulevard.
The loan was approved 5–0 after months of review by a city-appointed affordable-housing trust fund oversight committee and a council ad hoc committee. The funds will be lent at 4% interest with a 30-year term; staff also approved a budget allocation to book the amount as loans payable.
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