City of Oakland - File #: 15-0256

• File #: 15-0256
• Version: 1
• Name: Loan Restructuring For Hismen Hin-Nu And Marcus Garvey Commons
• Type: City Resolution
• Status: Passed
• File created: 10/21/2015
• In control: Meeting of the Oakland City Council
• On agenda: 11/17/2015
• Final action: 11/17/2015
• Title: Subject: Loan Restructuring For Hismen Hin-Nu And Marcus Garvey Commons From: Housing & Community Development Department Recommendation: Adopt The Following Pieces Of Legislation: 1) A Resolution Amending Resolution Nos. 89-108, 90-92,2011-0017, 83921, And 84586 C.M.S. To Modify The Terms Of Existing Loans To The Marcus Garvey Commons Affordable Housing Project At 721 A Wood Street To (1) Allow The New Owner To Assume And Assign The Loans In Order To Consolidate The Loans With Loans For The Hismen Hin-Nu Terrace Project, (2) Extend The Maturity Date To 55 Years, And (3) Change The Interest Rate From 3% To The Applicable Federal Rate; And
• Sponsors: Housing And Community Development Department

Date	Ver.	Action By	Action	Result
11/17/2015	1	* Concurrent Meeting of the Oakland Redevelopment Successor Agency and the City Council	Adopted	Pass
11/10/2015	1	*Community & Economic Development Committee	Approved the Recommendation of Staff, and Forward	Pass
10/22/2015	1	*Rules & Legislation Committee	Scheduled

Title

Subject:                     Loan Restructuring For Hismen Hin-Nu And Marcus Garvey Commons

From:                                          Housing & Community Development Department

Recommendation:  Adopt The Following Pieces Of Legislation:

1) A Resolution Amending Resolution Nos. 89-108, 90-92,2011-0017, 83921, And 84586 C.M.S. To Modify The Terms Of Existing Loans To The Marcus Garvey Commons Affordable Housing Project At 721 A Wood Street To (1) Allow The New Owner To Assume And Assign The Loans In Order To Consolidate The Loans With Loans For The Hismen Hin-Nu Terrace Project, (2) Extend The Maturity Date To 55 Years, And (3) Change The Interest Rate From 3% To The Applicable Federal Rate; And