This ordinance authorizes the forgiveness of $1,485,933 in debt on the HOME loan for Hilltop Senior Village II. Located in the Hilltop neighborhood, the property provides 100 units of senior housing, including 85 units under LIHTC and 15 market-rate units. The forgiveness reduces the principal balance to $2,000, extends the maturity date to December 31, 2099, and maintains the property's affordability for decades to come. The measure ensures compliance with federal affordability guidelines and facilitates the owner’s refinancing and recapitalization plans.
This measure preserves affordable senior housing and supports long-term community stability by maintaining affordability and ensuring continued operation of a critical housing resource.