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
Attachments: 1. View Report, 2. 85895 CMS

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