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File #: 16-1313    Version: 1 Name: Purchase The HUD-Held Mortgage Loan Secured By E.C. Reems Garden Apartments
Type: City Resolution Status: Passed
File created: 6/21/2017 In control: * Concurrent Meeting of the Oakland Redevelopment Successor Agency and the City Council
On agenda: 9/19/2017 Final action: 7/24/2017
Title: Subject: Purchase The HUD-Held Mortgage Loan Secured By E.C. Reems Garden Apartments From: Housing And Community Development Department Recommendation: Adopt A Resolution (1) Authorizing The Purchase Of A HUD-Held Mortgage Loan Secured By E.C. Reems Garden Apartments Located At 2700 Alvingroom Court (The "Property") For A Purchase Price Of Up To $4,000,000 Plus Accrued Interest, And (2) Authorizing The City Administrator To Take Actions To Facilitate The Preservation And Rehabilitation Of The Property, Including Contracting With An Interim Property Management Company, Foreclosing On City Loans Secured By The Property, And/Or Assigning City Loans Or Lien Rights On The Property To An Affordable Housing Entity
Sponsors: Housing And Community Development Department
Attachments: 1. View Report, 2. View Report, 3. 86873 CMS

Title

Subject:                     Purchase The HUD-Held Mortgage Loan Secured By E.C. Reems Garden Apartments

From:                                          Housing And Community Development Department

Recommendation: Adopt A Resolution (1) Authorizing The Purchase Of A HUD-Held Mortgage Loan Secured By E.C. Reems Garden Apartments Located At 2700 Alvingroom Court (The "Property") For A Purchase Price Of Up To $4,000,000 Plus Accrued Interest, And (2) Authorizing The City Administrator To Take Actions To Facilitate The Preservation And Rehabilitation Of The Property, Including Contracting With An Interim Property Management Company, Foreclosing On City Loans Secured By The Property, And/Or Assigning City Loans Or Lien Rights On The Property To An Affordable Housing Entity