Description
Title: A resolution approving a proposed Loan Agreement between the City and County of Denver and 1600 Pearl LLLP to finance the construction of income-restricted units and the rehabilitation of income-restricted units, to be rented to qualifying households, in Council District 10. Approves a loan agreement between the City and County of Denver and Northeast Denver Housing Center (NDHC), under the borrower entity 1600 Pearl LLLP, in the amount of $4,522,862.00 in a cash flow loan for 60 years to finance the construction of 113 income-restricted units and the rehabilitation of 20 income-restricted un
Summary
The proposed legislation in Denver involves a loan agreement between the City and County of Denver and 1600 Pearl LLLP, facilitated by the Northeast Denver Housing Center. The agreement, amounting to $4,522,862, aims to finance the construction and rehabilitation of a total of 133 income-restricted housing units, including 113 new units and 20 rehabilitated units at 1616-1642 North Pearl Street in Council District 10. This project is significant as it addresses the city's need for affordable housing, particularly for low and moderate-income families, contributing to housing stability in a transit-friendly area close to downtown. The legislation ensures compliance with City and federal affordability requirements, promoting equitable access to housing for qualifying households.