Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Glendale approves purchase of Metro Loma first deed to prevent foreclosure, preserve 44 affordable units
Summary
On May 20 the Glendale Housing Authority voted to purchase the defaulted first deed of trust on Metro Loma Apartments and the City Council approved an appropriation of $1,373,891 to fund part of the city's share of a broader $2.255 million rescue package intended to prevent foreclosure and retain affordability at the 44-unit property.
The Glendale Housing Authority voted to buy the defaulted first deed of trust on Metro Loma Apartments on May 20, and the Glendale City Council approved a companion appropriation of $1,373,891 to help fund the city's share of a larger rescue package aimed at preventing foreclosure and preserving affordability at the 44-unit complex.
The item, presented by Mike Fortney, deputy director of housing, described Metro Loma as a 44-unit, 100% affordable project that has operated at a negative cash flow (about $200,000 last year) and whose first-lien lender, CCRC, began foreclosure after loan payments ceased in November. Fortney said staff and Los Angeles County partners crafted a long-term plan that combines a loan purchase, reserves, targeted repairs and limited rent adjustments to stabilize operations and protect the property's affordability covenants.
Why it matters: If foreclosure proceeded, affordability covenants held by the city and county could be extinguished and the property could convert to market-rate housing.…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
