Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Planning commission recommends amended loan terms for Corona Del Rey affordable housing project
Summary
The Planning and Housing Commission voted 5-0 to recommend City Council and the Corona Housing Authority approve amended loan and agreement terms for the 162‑unit Corona Del Rey property, including extending the city loan maturity to 2078 and changing city loan interest treatment tied to a pending Chase/Freddie Mac permanent loan.
The Planning and Housing Commission on April 15 recommended that the City Council and the Corona Housing Authority approve a package of amended agreements for Corona Del Rey, a 162‑unit affordable housing complex, after a staff presentation and commissioner questioning.
Miss Roper, the city’s housing and homeless solutions manager, told commissioners the project dates to 1996 and serves a mix of low‑ and moderate‑income households. "Corona Del Rey is comprised of 162 bedroom affordable housing units and we are excited that this project has continued to serve low to moderate income," she said, noting 96 units are at or below 80% of area median income, 32 are at 60% and 32 are at 50%.
The commission heard staff and the project sponsor describe four documents the body was being asked to recommend: an amended and restated promissory note, a second amendment to the operation and maintenance agreement, an assignment of agreement to a single‑asset entity, and a subordination…
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
