Glendale assigns Metro Loma Apartments to Link Housing and approves $465,600 appropriation to stabilize project

The Glendale City Council and the Glendale Housing Authority on Aug. 12 voted to assign borrower/lessee responsibilities for Metro Loma Apartments to Link Housing and to appropriate $465,600 in city funds to help stabilize the 44‑unit affordable housing project at 328 Mira Loma Avenue.

City staff said the action is intended to prevent foreclosure, finance near‑term repairs and extend long‑term affordability at the family project. "This is Metro Loma, a 44‑unit affordable housing project located at 328 Mira Loma Avenue. It's a large family project," said Mike Fortney, deputy director, during the joint meeting.

Fortney told the council the housing authority previously bought the project's first‑position loan from CCRC to avoid foreclosure and had earlier allocated $240,000 for immediate capital repairs. Staff said the current request adds roughly $600,000 to the project of which Glendale's share is 77.6% — the council approved a $465,600 appropriation and a motion to release those funds. Fortney said about half of the current request will pay for repairs called for in the capital needs assessment and the remainder includes a developer fee to compensate Link Housing for taking responsibility for the troubled asset.

Staff described the total public financing for the project at about $2,650,000, with Glendale's share of roughly $2.2 million to date. All of the city funds to date were…