Description
Title: Amends a loan agreement with ECLT Chestnut Condos LLC to extend the maturity date of the repayable/balloon portion of the contract from 12-31-2024 to 12-31 2026 for a property located at 3563 Chestnut Pl., in Council District 9 (HOST-202158709/HOST-202582477-04).
Summary
The City of Denver is considering an ordinance to amend a loan agreement with ECLT Chestnut Condos LLC, extending the maturity date of a repayable construction loan from December 31, 2024, to December 31, 2026. This loan, initially approved on January 19, 2023, amounts to $5,000,000 and aims to support a 49-unit condominium project at 3563 Chestnut Pl. The Department of Housing Stability (HOST) is requesting this extension due to rising construction interest rates impacting the project's financial viability. This legislation is significant as it addresses the city's affordable housing efforts and aims to mitigate the financial burdens on developers, ensuring the project's completion and the availability of affordable housing in Council District