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City staff present loan modifications and multifamily loans for grocery site, family housing, and senior village
Summary
HCDD presented a $6.8 million loan modification for McGregor Grocery LLC, and loan requests of $4 million each for Andover Village (105 units with pre-K by Tejano Center) and New Faith Senior Village (20 senior units). Staff described deferred principal payments, 1% interest, 20-year affordability periods and financing gaps in some projects.
HCDD presented public-facilities and multifamily financing items at the May 27 committee meeting.
Ryan Bibbs described a proposed modification to the city's loan agreement with McGregor Grocery LLC for $6,800,000. The modification would not provide additional funding but would defer principal payments until the earlier of three triggers: maturity (01/29/2039), sale of the property, or assignment of the ground lease. The department said McGregor LLC (owned by Houston Housing Finance…
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