HomeMy WebLinkAboutPCDC Resolution 97-11 09/15/1997 1 PETALUMA COMMUNITY DEVELOPMENT COMNIISSION
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3 ICES®LUTI®N N®. 97-11
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5 AUTHORIZING A LOAN ®F iJP TO $96,000 TO SALISHAN APTS. INC.
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8 WHEREAS the Petaluma Community Development Commission has previously approved allocations
9 in the amount of $363,380 in the form of a subordinate loan for the development of the Salishan Apts.
10 to provide housing for very-low income renters with developmental disabilities; and
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12 WHEREAS Salishan Apartments has a firm commitment to receive a capital advance under the
13 Section 811 of the National Affordable Housing Act from the Department of Housing and Urban
14 Development (HUD); and
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16 WHEREAS the estimated cost of project development has exceeded those funding sources by
17 $96,000; and
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19 WHEREAS HUD cannot assure its funding if the capital advance does not close on or before
20 September 30, 1997; and
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22 WHEREAS the development of housing for persons with a disability is a stated goal of the Petaluma
23 Community Development Commission and the Petaluma City Council;
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25 TIIEREFOR BE IT IZESOLi~ED that PCDC approves the increase of the existing loan amount of
26 up to $96,000 from the Housing Fund to Salishan Apts. Inc. with the condition that the loan
27 documents include language that this portion of the loan can be pre-paid. Borrower shall report
28 monthly to City Staff on efforts to raise outside revenues and to effectuate .savings.
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30 Adopted this 15th day of September, 1997 by the following vote:
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32 Commissioner ~ Noe Absent
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34 Read X
35 Keller X
36 Stompe X
37 Torliatt X
38 Maguire X
39 Vice Chairman Hamilton X
40 Chairman Hilligoss X _ ~ `
41 ~ p
42 Y~
43 M. Patricia Hilligoss, Chairman
44 ATTEST:
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47 Patricia E. Bernard, Recording Secretary