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Palm Desert Council approves amended land sale, loan to advance ARC Village affordable housing
Summary
Council approved an amendment to the disposition, development and loan agreement with Chelsea Investment Corporation for the ARC Village affordable housing project, changing the land sale price and increasing a loan to preserve tax-credit affordability requirements; council vote was 5-0.
The Palm Desert City Council on March 27 approved an amendment to the disposition, development and loan agreement with Chelsea Investment Corporation for the ARC Village affordable housing project, authorizing a revised land purchase price and an increase to the loan to preserve tax-credit financing and affordability requirements.
Veronica Chavez, director of finance, told the council the developer requested to buy the site at a fair-market value of $1,680,000 and to increase the loan from…
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