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Council approves amendment to affordable-housing loan to keep Aspen Court project viable
Summary
The council unanimously approved a first amendment to the city’s $4.35 million affordable housing loan agreement with National Community Renaissance to allow an interim ownership structure that enables the project to close escrow and compete for tax-credit financing; staff said construction financing could close as early as June.
Lake Forest’s City Council on March 3 approved an amendment to the city and housing authority’s amended and restated affordable housing loan agreement with National Community Renaissance (National Core) for the Aspen Court Affordable Housing Project.
Economic development and housing manager Adrian Grijalva told the council the original agreement established a $4,350,000 city loan and that National Core had submitted a draft site plan showing 21 one-bedroom units, 16 two-bedroom units and 14 three-bedroom…
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