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Council, Housing Authority approve amendments to Burbank Housing Corporation loan agreements to preserve and expand affordable housing
Summary
After study sessions, the council and housing authority approved Phase 1 of a revised master loan agreement that reshapes loan terms to help Burbank Housing Corporation secure financing and preserve long‑term affordability.
The Burbank City Council and the Housing Authority voted on Jan. 14 to approve phase 1 of an amended and restated master loan agreement (MLA) with the nonprofit Burbank Housing Corporation (BHC), revising loan and affordability terms to help the nonprofit pursue new financing for preservation and development of affordable housing.
The deal, presented by Maribel Leland, housing manager for the city’s Community Development Department, resets interest at 0% on specified authority and city promissory notes, forgives certain accrued interest to improve BHC’s balance sheet and extends minimum affordability covenants so units remain affordable for at least 55 years. Staff emphasized this is “Phase 1” of a multi‑phase process that will return to the council for additional technical decisions.
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