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Meeting: Regular City Council Meeting

Meeting Time: April 21, 2025 at 6:00pm PDT
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Agenda Item

F.2. REQUEST FOR FINANCING COMMITMENT LETTER AND AUTHORIZATION TO ISSUE A LOAN FROM THE AFFORDABLE HOUSING TRUST FUND IN THE AMOUNT OF $5,500,000 FOR DEVELOPMENT OF AN AFFORDABLE HOUSING PROJECT AT 1215-1217 N. LARRABEE STREET AND $200,000 FOR ASSOCIATED PLAN CHECK FEES [S. CAMPBELL, B. LEAGUE, A. BARTLE]: SUBJECT: The City Council will consider issuing a loan commitment letter from the Affordable Housing Trust Fund to the Decro Corporation and Maison Angeleno, a non-profit housing developer and operator partnership, in the amount of $5,500,000 for construction and permanent financing at 1215-1217 N. Larrabee Street and will consider allocating $200,000 from the Affordable Housing Trust Fund to cover the costs associated with plan check services.

ITEM F.2. - STAFF REPORT ITEM F.2. - ATTACHMENT A
2 Public Comments
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    Victor Omelczenko at April 21, 2025 at 12:30am PDT

    While Decro Corp. has a track record of building affordable housing, what does the new co-partner Maison Angeleno bring to the table exactly? Per the staff report, "Founded in 2024, Maison Angeleno is leading the way in sustainable development, focused on creating affordable housing for the future. They combine eco-friendly design, energy efficiency, and social responsibility to provide innovative housing solutions." All the right words, but who are the principals/what are their accomplishments?

  • Default_avatar
    Nic Musolino at April 19, 2025 at 1:35pm PDT

    Strongly support public investment in supportive housing. Note the staff report indicates the loan covenant is for low-income seniors, but the proposed facility would be for adults living with HIV/AIDS and transitional youth supportive housing. I support all of these uses, but I would not want a document error to be available for opponents to hold up a crucial investment such as this.