February 28, 2021 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

Video: Closing Down Westside Oil Field?

February 26, 2021

February 26, 2021

Officials are discussing closing a Westside oil field sitting on hundreds of acres of prime coastal land. Learn more in...

Pico Neighborhood Affordable Housing Project Breaks Ground

February 26, 2021

February 26, 2021

Over 70 units of affordable housing come to area near Woodlawn Cemetery By Sam Catanzaro A 70-unit-plus affordable housing development...

Large Properties Drive-up Santa Monica Home Sales Amid Pandemic

February 26, 2021

February 26, 2021

Annual report shows single-family home sales rising By Sam Catanzaro Interest in large properties with five-bedrooms or more helped drive-up...

Santa Monica Police Arrest Parolee for Setting Stolen Car on Fire

February 25, 2021

February 25, 2021

Alex Omar Aguirre arrested by Santa Monica Police Department By Sam Catanzaro A Santa Monica resident this week watched as...

Video: Closing Streets to Allow for More Outdoor Dining?

February 25, 2021

February 25, 2021

A drunk driver recently crashed into a Santa Monica outdoor dining area, bringing attention to a proposal that would close...

Dozens of Santa Monica Restaurants to Participate in dineL.A.

February 25, 2021

February 25, 2021

First ‘spring’ season of culinary event to begin first week in March By Kerry Slater Dozens of Santa Monica restaurants...

Video: Free LA Metro Rides Could Begin Soon

February 24, 2021

February 24, 2021

LA Metro could begin offering fare-less rides as early as next year as part of a $300+ million program. Learn...

Danny Trejo’s Tacos Coming to Santa Monica

February 24, 2021

February 24, 2021

Popular restaurant owned by legendary actor coming near Promenade By Kerry Slater Legendary actor Danny Trejo is bringing his popular...

Violent Crime Declining in Santa Monica: Santa Monica Beat – February, 22, 2021

February 22, 2021

February 22, 2021

Local news and culture in under 5 minutes. * Violent Crime Declining in Santa Monica * Santa Monica Animal Shelter...

Santa Monica Convicted Felon Indicted for Multiple Firearms Charges After Shooting into Neighbor’s Yard

February 22, 2021

February 22, 2021

Jason Walsh faces federal prison time for January 9 incident By Sam Catanzaro A Santa Monica man previously convicted for...

Westside Hotel to Homeless Shelter Sparks Debate

February 21, 2021

February 21, 2021

A proposal to convert a Westside hotel into a homeless shelter has sparked a debate. Learn more in this video...

Housing Backers Start Facing Post-Pandemic Reality

February 21, 2021

February 21, 2021

By Tom Elias, Columnist The mysterious blindness that apparently affected California’s top legislative housing advocates all through 2020 seems to...

Santa Monica Awarded Over $5 Million for Affordable Housing Production

February 21, 2021

February 21, 2021

The California Department of Housing and Community Development has announced two awards to the City of Santa Monica for future...

Asian Woman in Brentwood Verbally Assaulted in Racially Motivated Attack

February 18, 2021

February 18, 2021

While walking near the intersection of Bundy and Montana an Asian woman was verbally assaulted by a man walking his...