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Council approves PSI stabilization loan for Yards at Union Station C
Summary
The council approved a portfolio stabilization (PSI) loan recommendation — a 1% deferred interest, 30‑year structure — intended to stabilize at‑risk properties, including a recommended loan for the Yards at Union Station C.
Staff presented the portfolio stabilization investment (PSI) loan structure and recommended a PSI loan for the Yards at Union Station C to support a property at risk of financial or physical loss during the biennium. Roberto Franco explained the PSI loan features: "1% deferred interest rates, and for 30 years," with repayment due at maturity, refinancing or the end of an affordability period. He emphasized tenant protections that are part of the program and that recipients will provide quarterly reports and property improvement plans.
Council members asked how projects are monitored after funding. Roberto Franco said funded properties must provide quarterly reports on income, vacancies and progress against property improvement plans and that long‑term compliance monitoring remains in place. Director Bell said staff committed to bring regular updates to council so members could assess whether investments are achieving intended outcomes. Council member Lee moved to approve the PSI loan recommendation; the council voted unanimously to adopt the recommendation.
