1 comment
The Pasadena City Council’s Economic Development and Technology (EDTech) Committee will discuss Tuesday a recommendation by the Department of Housing to adopt a resolution that would pave the way for a new affordable housing project on a city-owned vacant lot at 130 W. Howard St. and 1556 Navarro Ave.
The recommendation is to approve the sale and transfer of the property to Habitat for Humanity San Gabriel Valley. The city and Habitat for Humanity to enter into a Disposition, Development and Loan Agreement to implement the affordable housing project.
A public hearing is scheduled for November 1 at the City Council, according to a report by the Housing Department.
Under the terms of the proposed agreement, the SGV Habitat for Humanity shall acquire the city-owned property and construct two single-family housing units to be sold to low-income families at an affordable cost.
The total cost of the project will be $1,486,983, with SGV Habitat for Humanity responsible for raising all funds for the development of the project.
SGV Habitat for Humanity will pay the city a contract sales price of $525,000, the current appraised market value. To assist SGV Habitat as the property developer, the City shall carry back a seller purchase money loan – also called a City Seller Loan – corresponding to the amount, evidenced by a promissory note and secured by a deed of trust recorded against the property.
If the project is completed, the accrued interest on the city seller loan – at three percent per year – will be forgiven, the Deed of Trust reconveyed, and the amount of $400,000 will be recast as subordinate purchase financing loans to assist qualified homebuyers in the project.
The EDTech Committee meeting begins at 4 p.m. on Tuesday and can be viewed through http://pasadena.granicus.com/
Get our daily Pasadena newspaper in your email box. Free.
Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m.
