June 19, 2024 Breaking News, Latest News, and Videos

Santa Monica City Housing Trust Fund Loans Forgiven, Extended:

Council members unanimously approved last week a consent calendar item forgiving one Housing Trust Fund (HTF) loan and extending another attached to a pair of properties in Santa Monica.

The item was pulled from the consent calendar by Council member Bobby Shriver and considered as a separate item. Shriver was concerned whether the loan forgiveness of about $125,000 could be taken as providing a public gift to a private party.

However, City Attorney Marsha Jones Moutrie pointed out loan forgiveness is a normal course of action when it comes to public housing. The loan in question was attached to Mountain View Mobile Home Park at 1930 Stewart Street; the specific amount forgiven was $124,977.01.

“It’s very typical for the City (of Santa Monica) to forgive housing loans when the funds are used to provide particularly very low income housing,” Moutrie said. “In this case because the purpose is providing affordable housing within the community, I don’t think it’s a problem.”

The city staff report stated that it “recommends forgiving the loan … because the goal of acquiring the property and preserving it as affordable housing has been achieved.”

In addition to the loan forgiveness, another loan was authorized to be extended until December 2014. The loan is in the amount of $1,161,185 and allocated to be used “for an existing acquisition and predevelopment loan to Community Corporation of Santa Monica (CCSM) … for 1342 Berkeley Street.”

City Hall issued a loan in 1996 to the Mountain View Mobile Inn Residents Association to the amount of $272,000, according to city staff, “for the purpose of performing due diligence associated with the conversion of the property to cooperative housing and the anticipated acquisition of the mobile home park by residents.”

However, city staff said the plan was “not feasible” and City Hall ultimately purchased the property and maintained it as an affordable housing location.

Still, a portion of the $272,000 loan agreement – specifically, $124,977 – was actually dispersed.

“Since Mountain View served mostly very-low and low-income households, the City Council supported the effort toward resident ownership and maintaining affordability of this housing resource,” city staff told council members of the original plan to allow residents to ultimately acquire the mobile home park.

In 2000, the City purchased Mountain View and made more than $5 million in infrastructure upgrades. During the past 12 years, City Hall reports 19 travel trailers and mobile homes “have been replaced with affordable and sustainable manufactured homes.” Just the same, a financing program was approved two years ago for the installation and manufacture of nine new homes.

The loan extension to CCSM was, according to City Hall, issued in 2004 “for the acquisition and predevelopment of a small lot in conjunction with a larger, adjacent lot that has since been developed as 47 affordable residences.”

City Hall seeks an extension “to allow sufficient time to create an approach to developing this site for affordable housing.”

CCSM currently owns a vacant parcel at 1342 Berkeley Street. A financing application was approved in 2004 for $1,161,185.

“Since executing the acquisition/predevelopment loan in February 2004, the development of 1342 Berkeley Street was given low priority to allow CCSM and the Housing Division to focus on several other affordable housing developments that were in the pipeline,” city staff said. “The low priority reflected the fact that the small lot would only accommodate a very small project (5-8 units) that could be difficult to finance.”

in News
Related Posts

Baby Blues BBQ Reopens in Venice Nearly Two Years After Devastating Fire

June 18, 2024

June 18, 2024

The Eatery Has Been Featured on Diners, Drive-Ins & Dives, and the Food Network By Zach Armstrong Almost two years after...

Tech Entrepreneur and Developer Company Buy Promenade Shops for $103M: Report

June 17, 2024

June 17, 2024

Acquisitions Include 1202, 1222, 1225, 1232, 1339, and 1344 Third Street Promenade Federal Realty Investment Trust has sold eight parcels...

Malibu Volunteers on Patrol Quell Car Fire, Prevent Brush Blaze

June 17, 2024

June 17, 2024

VOPs Respond Quickly to Incident on Kanan Dume Road. Malibu Volunteers on Patrol Unit 100V3 responded to a car fire...

Acclaimed Sandwich Pop-Up Opens Flagship Store in Santa Monica

June 17, 2024

June 17, 2024

Bread Head Was Launched by Chefs Alex Williams and Jordan Snyder By Zach Armstrong Bread Head, a Los Angeles eatery...

Brand New, Six-Bed Palisades Mansion Hits Market at $34M

June 17, 2024

June 17, 2024

The lower level boasts a bar, lounge, wine tasting room, home theater, and a full spa with a gym A...

Michelin-Starred Chef James Kent Passes Away, Saga Hospitality Group Announces

June 16, 2024

June 16, 2024

Chef Kent Is Remembered for His Culinary Excellence and Charity Work The Saga Hospitality Group announced the death of Michelin-starred...

Film Review: Longlegs

June 16, 2024

June 16, 2024

LONGLEGS is pure poetic eldritch terror. From the very beginning, director Osgood Perkins uses the actors’ performances, cinematography, and even...

Slain Jameson’s Pub Manager Described as a “Provider and Father Figure” by Loved Ones

June 16, 2024

June 16, 2024

His Last Days Were Spent Taking His Niece and Nephew Out for Ice Cream By Zach Armstrong  Family members, friends...

Marina del Rey Sportfishing: A Great Day on the Water

June 14, 2024

June 14, 2024

Fishing is a pastime like no other. You can experience the nostalgia of that pastime in real time at Marina...

Fatal Altercation Outside Santa Monica Pub Leads to Homicide Charge

June 14, 2024

June 14, 2024

Venice Resident Charged in Death of Jameson’s Pub Manager A man has been charged with homicide following a fatal altercation...

Film Reviews: Bad Boys: Ride or Die

June 13, 2024

June 13, 2024

FILM REVIEWBad Boys: Ride or DieRated R115 MinutesReleased June 7th Bad Boys: Ride or Die is the fourth installment in...

Cypress Equity Investments Acquires Santa Monica Retail Center for $7M

June 13, 2024

June 13, 2024

The Retail Center Was Sold for 274% Above the Santa Monica Market Average Cypress Equity Investments has acquired a prime...

Juneteenth Art Exhibition Set for Abbot Kinney Boulevard

June 13, 2024

June 13, 2024

The Event Features Works by Twelve Prominent Black Artists From Los Angeles An art exhibition titled “FREEDOM” will open at...

Santa Monica Chamber Announces Prestigious Toast of Santa Monica Event

June 12, 2024

June 12, 2024

Event to Showcase Business Excellence and Community Spirit The Santa Monica Chamber of Commerce is gearing up for its highly...

Former HR Chief of Santa Monica Accuses City of Racial Discrimination

June 12, 2024

June 12, 2024

She Was Selected in 2018 as the First African American to Hold That Position Within City Leadership, According to the...