ID 26-1137: Actions pertaining to the Blythe Village LP Loan Amendments for the Blythe Village project located at 3572 N. Blythe Avenue, 93722 in west central Fresno (District 1): 1. Approve a First Amendment to the Community Development Block Grant Program Agreement and a First Amendment to the Community Development Block Grant Promissory Note; and 2. Approve a Second Amendment to the HOME Investment Partnerships Program Agreement and a Second Amendment to the HOME Investment Partnerships Program Promissory Note; and 3. Authorize the City Manager to sign the amendments, approved as to form by the City Attorney’s Office.

Description

Actions pertaining to the Blythe Village LP Loan Amendments for the Blythe Village project located at 3572 N. Blythe Avenue, 93722 in west central Fresno (District 1): 1. Approve a First Amendment to the Community Development Block Grant Program Agreement and a First Amendment to the Community Development Block Grant Promissory Note; and 2. Approve a Second Amendment to the HOME Investment Partnerships Program Agreement and a Second Amendment to the HOME Investment Partnerships Program Promissory Note; and 3. Authorize the City Manager to sign the amendments, approved as to form by the City Attorney’s Office.

Summary

On September 3, 2026, the Fresno City Council approved amendments to the City’s CDBG and HOME agreements with Blythe Village LP for the Blythe Village project at 3572 N. Blythe Avenue. The changes allow the affordable-housing development to obtain $15 million in permanent senior financing and permit the City’s loans to become subordinate—CDBG no lower than third position and HOME no lower than fourth. The amendments revise the $400,000 CDBG and $2.6 million HOME promissory notes so specified construction, refinancing, developer-fee, management, reserve, and equity costs are not repaid again from future residual receipts. City protections remain, including property security, affordability restrictions, default-notice and cure rights, City Attorney review, and City Manager authorization. An appraisal found sufficient property value to secure the City’s loans.