Title:
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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
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Attachments:
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1. View Report, 2. 85895 CMS
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