Oxnard City Council Agenda January 2025
Oxnard Awards $792,999 CDBG Loan to Casa Aliento LP for Housing Project
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Description
The Oxnard City Council awarded a $792,999 Community Development Block Grant loan to Casa Aliento LP to rehabilitate and convert a former motel into 70 permanent supportive housing units for individuals experiencing homelessness. The loan is structured as a 55-year, 3% simple interest agreement secured by a deed of trust and includes a 5-year regulatory compliance period.
Contract Details
Contract Amount
$792,999
Vendor
CASA ALIENTO LP
Agency
City of Oxnard, CA
Contract Type
OTHER
Document Date
January 28, 2025
Contract Term
Fifty-five (55) years from the recordation of a notice of completion for the project; regulatory agreement term of five (5) years
Renewal Date
2080-12-31
Renewal Info
Loan term is 55 years after recordation of project completion; a regulatory agreement is in effect for 5 years of compliance. Extension of work completion beyond June 30, 2025, up to December 31, 2025, is possible by written approval. Amendments subject to mutual written consent.
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