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Council approves Forest City refinancing despite split over affordable-housing term
Summary
The Los Angeles City Council voted to accept Forest City Enterprises' counterproposal to refinance the Metropolitan Apartments project, approving terms that secure at least a five-year extension of affordability tied to the bond life after extended debate about long-term housing protections and the fate of roughly $15 million in agency investment.
The Los Angeles City Council voted to accept Forest City Enterprises' counterproposal to refinance the Metropolitan Apartments project, approving the refunding package after lengthy debate about how long units would remain affordable.
Councilmember Pacheco moved to accept Forest City's counterproposal; the motion passed on a recorded voice roll of 10 ayes and 3 noes. The Community Redevelopment Agency (CRA) and developer negotiated a structure in which affordability restrictions would remain in effect for the life of the housing revenue bonds and for up to five years beyond the termination of those bonds. If the bonds remained in place through their planned term (to 2025 as…
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