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Title:
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Resolution approving and authorizing the execution of a Loan Agreement with Ambassador Ritz Four Percent, L.P., a California limited partnership, in an aggregate total amount not to exceed $44,465,000 for a minimum term of 55 years for a portion of the loan amount and maximum terms of 15 years, 28 years, and 40 years for other portions of the loan amount based on the requirements of the funding sources, to finance the acquisition and rehabilitation of an existing 100% affordable multifamily rental housing project for low income households, known as “Ambassador Ritz 4%,” consisting of 187 rental units in two buildings located at 55 Mason Street and 216 Eddy Street; and adopting findings that the Loan Agreement is consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1.
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